If you’re using payment apps like Cash App, Paypal, or Venmo you’re subjected to change regarding taxes. By law, these payment app providers must issue 1099-K forms if your transaction totals more than $600 a year. This new requirement was issued last year in the American Rescue Plan. (To view the new bill click the link below)
The IRS even wants you to report stolen goods! The Internal Revenue Service released a statement regarding stolen goods “If you steal property, you much report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year.”
Additionally, the IRS Issued inflation adjustments for this year and ongoing taxable income.