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Published 1 year ago

IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit

Summary by Ground News
IRS reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash App. Earlier the reporting threshold was $20,000 and more than 200 transactions within a calendar year. The American Rescue Plan Act of 2021 is a $1.9 trillion economic plan passed by congress and signed into law by President Joe Biden on March 11, 2021.

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