Important Changes for 3rd Party Payment Providers

📣 Important Update!

According to the American Rescue Plan Act:

Starting January 1, 2022, anyone receiving $600 per year using Venmo, PayPal, Zelle, or Cash App will receive a 1099-K and be required to report that income on their taxes.

The new reporting is only being applied to sellers of goods and services.

And does not apply to payments made for personal reasons.

So make sure to:

✔️ Speak with your tax preparer to plan for the new adjustments

✔️ Keep track of all of your receipts

✔️ Make sure your bookkeeping is balanced and up to date

Let's make this year, your best year 🙌

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