![]() Democrats in Congress reduced the threshold to $600 and to just one transaction to help fund the American Rescue Plan, President Joe Biden's $1.9 trillion COVID-19 relief bill, which they passed last yearīut soon, the IRS will know the identities of all Americans who receive at least $600 in a calendar year for goods or services through payment networks, making it harder to avoid paying income taxes on the transactions.Previously, the payment networks only informed the IRS if a user received payments exceeding $20,000 through more than 200 transactions in a calendar year.Some Republican lawmakers are urging the IRS to delay implementing the new reporting rules.The Internal Revenue Service is implementing a new reporting rule which will mandate small business owners who are paid for goods and services through apps such as PayPal, Venmo and Cash App to report their earnings, closing a tax loophole for online sellers.
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