Fox Business: Venmo, PayPal, Cash App to Report Transactions of $600 or More to the IRS This Year

EXCERPT:

VAUGHN: "Well, the idea behind this rule is to catch people cheating on their taxes or make sure people are paying taxes they owe on income that they’re making. But the new rule is really not going to put a bullseye on billionaires. Instead, it’s going to be a big burden on a lot of small businesses. People that get paid by their customers and clients for goods and services through these apps like Zelle, PayPal and Venmo, this new rule would say transactions in those apps over $600 for goods and services now have to be reported to the IRS. This hits people like hairstylists, housekeepers, those in the gig economy, small shops at trade shows.”