IRS Is Cracking Down On Digital Payments

The video explains new reporting requirements for electronic payment apps like PayPal and Venmo. Transactions totaling over $600 annually for goods and services must be reported to address unpaid taxes. However, personal reimbursements among family and friends are exempt from this requirement.

Which electronic payment apps are mentioned as needing to report business transactions?

• Square and Stripe

• Google Pay and Apple Pay

• PayPal and Venmo

• Cash App and Zelle

What is the minimum total amount of business transactions that triggers the reporting requirement?

• $800 a year

• $500 a year

• $600 a year

• $700 a year

What types of payments are included in the new reporting requirements?

• Payments for goods and services

• Reimbursements among family

• Charitable donations

• Personal gifts

What is the main purpose of the new reporting change for electronic payment apps?

• To crack down on unpaid taxes

• To promote digital payments

• To improve app security

• To increase app usage

Which type of transactions are not affected by the new reporting requirements?

• Business transactions

• Service payments

• Payments for goods

• Reimbursements among family and friends