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IRS pushed to crack down on P2P payment apps

Source: - Apr 28, 2021

The Internal Revenue Service could be doing more to track unreported income flowing through increasingly popular peer-to-peer payment apps like Venmo and Zelle, according to a new report.

The report, issued Monday by the Treasury Inspector General for Tax Administration, found that the minimal reporting thresholds of $20,000 and 200 transactions that trigger the existing requirements for information return reporting presents challenges in how effectively the IRS is able to identify potential cases of tax noncompliance. The inspector general’s report recommended three ways for the IRS to crack down on unreported income, but the IRS was only willing to go along with one of them.

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Category: General Business