Part 2/10:
For years, the IRS has been emphasizing a new rule that would require third-party payment processors like PayPal, Venmo, Cash App, and platforms such as Facebook Marketplace, eBay, and Etsy to report transactions exceeding $600 in a calendar year. This was introduced as part of the American Rescue Plan Act of 2021, which drastically lowered the reporting threshold from $20,000 and 200 transactions to just $600—the largest drop in IRS reporting history.