Zelle and PayPal users must file US taxes.
As of January 1, users Cell y PayPal Taxes must be filed in the United States (US).
However, only those who have a business and receive payments through these applications must report their income to the IRS.
statement in front of The IRS must file a Form 1099-K .where only payments for goods and services are reported.
Changes to the IRS for PayPal and Zelle
Congress has discussed some changes that can be taken into account From the following fiscal year 2023Among them are the following:
- Reducing the reporting limit for goods and services transactions on Form 1099-K, this creates a tax report to the IRS, which in turn Reports on payments for goods and services That is received from a company or person in a calendar year.
- Change the way financial entities typically report the income and expenses of money in their clients’ accounts.
It should be noted that Not all people are obligated to comply With these changes, but these users Businesses with annual total sales of $600 or more Using Form 1099-K.
The Internal Revenue Code has been corrected in certain sections, requiring third party settlement organizations (TPSOs), such as PayPal Wuzil, they did Reports on bank account movements relating to goods and services.
It is important to highlight that these legislative proposals Not yet approvedbut we must bear in mind that these changes were made in the US bailout law last year 2021.
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