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Today we are discussing the new IRS 600 banking rule that affects apps like Cash App, Venmo, and PayPal. This rule, part of the stimulus package from March 2021, took effect on January 1, 2022. Payment app providers will now issue a 1099k tax form for transactions over $600 annually. Republican Senator Bill Hagerty introduced the Snoop Act to stop this rule, criticizing the Biden administration for invading privacy.