/IRS Tracking Your Venmo And Cash App Now

IRS Tracking Your Venmo And Cash App Now

The Economic Ninja joins me to talk about something that most people were not aware went into effect. Mobile payment processors like Venmo, Cash App and Apple Pay will now be required to issue a 1099 to show the IRS potentially taxable income if your transactions exceed $600 in a year for goods and services. While this income was always taxable before, the information gathering is stepping up to a whole new level.