IRS Will Be Monitoring Money Transfer Apps Next Year

October 13, 2021

Starting next year If you receive more than $600 on any of the money apps you’ll receive A1099 form to fill out to report the cash.

Mama Mac always said cash is king And this report supports our statement.
Now the whole point of this new rule is to catch tax invaders.
Some experts say they expect legal challenges against this new rule  That goes into effect January 1st 2022.

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