Cousins!

Come 2022 the IRS will be singing an all new tune as they’ll be setting new rules for business that use Cashapp, PayPal, Zelle and Venmo!

The Internal Revenue Service, is inquiring about who is using these popular apps, how much their sending and receiving.

According to WCNC, the previous threshold was $20,000 and will now be changed to $600 as part of the Biden Administration American Rescue Plan.

The IRS will differentiate between people in households splitting bills and utilities as only transactions consisting of goods and services will be taxable.

Sources have confirmed that the app will directly notify the IRS of business transactions and generate a 1099K form. Financial experts recommend using one app for business and one for personal, that way things will be separate and easier to control, thus diminishing your likelihood of some sort of audit, which they say is low.