Venmo users unhappy after learning about new legal requirement
Fox News
Venmo users react to a new legal provision requiring commercial transactions totaling $600 to be reported to the Internal Revenue Service.
Effective Jan. 1, third-party payment processors are required to report a user's business transactions to the IRS if they exceed $600 for the year. Previously, payment apps like PayPal, Zelle and Cash App were required to send users Form 1099-K only if their gross income exceeded $20,000 or if they had 200 separate transactions within a calendar year.
"Wow, that sucks," Stuart Lopez, a busker, told Fox News after learning of the change. He said he's going to stick to cash because he "really needs that money."
"The IRS finds its way into everything," the musician continued. "Someday they're going to start telling me to pay some of my money from the cash."
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