The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

Before 2022, third-party transactions for business owners and side hustlers followed different thresholds: individuals needed to report gross payments exceeding $20,000 and report earnings if they had more than 200 such transactions, according to the IRS. But as a result of the American Rescue Plan Act, any transactions made after March 11, 2021 that exceed $600 must be reported to the IRS, regardless of how many of those transactions you’ve had.

Your 87,000 new armed irs agents at work