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Hagerty, Manchin suggest $10,000 threshold for Venmo, PayPal tax reporting change — up from $600


U.S. Senator Invoice Hagerty (R-TN), listens to testimony through the Senate Banking, Housing and City Affairs Listening to to look at the President’s Working Group on Monetary Markets report on Stablecoins in Washington, February 15, 2022.

Invoice O’Leary | Pool | Reuters

Sen. Invoice Hagerty, R-Tenn., will file an modification to the $1.7 trillion spending package, to extend the edge for Form 1099-K, making use of to transfers from third-party cost networks together with Venmo and PayPal.

Co-sponsored by Sen. Joe Manchin, D-W.Va., the modification would improve the cost threshold to $10,000 from $600 for the 2022 tax season.

That is breaking information. Please examine again for updates.



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