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ARTICLE · 19 MAY 2022

New Tax Reporting Requirements For Payment Apps Could Affect You

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If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022.

United StatesTax
Robert Swenson
Robert Swenson
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If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They do not alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents that you receive every January in anticipation of tax-filing season.

FORM 1099-K PRIMER

Form 1099-K, "Payment Card and Third-Party Network Transactions," is an information return that reports certain payment transactions to the IRS and the taxpayer who receives the payments. Since it was first introduced in 2012, the form has been used to report payments:

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