
IRS changes reporting requirement for mobile payment apps
Mobile payment apps like CashApp and Venmo have been a boon for some small businesses, but a change in the tax law will increase the need for stricter accounting practices. In the past, a business could bring in $20,000 through an app without triggering any additional paperwork, but in 2022 the IRS has lowered that threshold to $600. Any amount of business transactions totaling more than $600 will require the app to send a 1099-K income form to the business. This includes apps that have accounts that hold money, like



