Did you get paid through Venmo, CashApp, or PayPal in 2024? The IRS will know [Video]

Payment platforms like Venmo and CashApp have become the easiest way to send money to someone over the past few years, but if you’re receiving payments for work through these apps, there are some important tax changes you need to know about. 

In a recent press release, the IRS confirmed that third-party payment platforms (PayPal, CashApp, Venmo, Zelle, and others) will soon report transactions that total above a certain amount to the government. For the calendar year 2024 or 2025, that limit is $5,000. For 2026 and beyond, that limit drops to $600.

Also: Stop exposing your Venmo activity – by changing this privacy setting. Here’s why

This regulation passed several years ago, but the IRS delayed it due to concerns about taxpayer confusion.

So what does this mean for you? 

Technically, you should have been reporting this income all along, no matter how much you actually received. Now, however, the IRS is forcing …