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thank you so much for joining me today on your status updates on the new irs 600 banking rule so just to give you a refresher this is going to be applicable to cash app venmo paypal and other third-party processors this was part of the stimulus package that passed in march of 2021 and the new rule it took effect on january 1st of 2022 so this is already in effect its being implemented already so payment app providers theyre going to now issue you an irs tax form called the 1099k if you have qualifying transactions over 600 a year so im gonna answer your questions in a q a format but first let me give you a status update on this new rule republican senator bill hagerty introduced a new bill to put an end to this new 600 rule the bill its called the snoop act which is short for stop the nosy obsession with online payments act senator hagerty said the biden administration is relentless in their attempt to invade the privacy of american lives and finances hagerty proceeded to say it is
