Fact or fiction: The IRS is tracking payments over $600 on Paypal and Venmo in 2022
| CNET.Com Troy Warren for CNT #Money You'll have to start keeping track of business income received through payment apps, but money from friends and family will not be taxed. If you own your own business or have a side hustle and get paid through digital apps like PayPal, Zelle, Cash App or Venmo, earnings over $600 will now be reported to the IRS. A provision from the 2021 American Rescue Plan, which went into effect on Jan. 1, directs third-party payment processors to report transactions received for goods or services totaling over $600 per year to the IRS. Prior…