As of January 1, Zelle and PayPal users must declare taxes in the United States (USA).
However, only those who have businesses and receive payments through these applications should report their income to the United States Internal Revenue Service (IRS).
The statement before the IRS must be done through form 1099-K, where only payments for goods and services are reported.
Changes to the IRS for PayPal and Zelle
Congress has discussed certain changes, which could be taken into account as of the following fiscal year 2023, among them are the following:
- Reduce the reporting threshold for transactions of goods and services on a 1099-K form, this serves to generate a tax report to the IRS, which in turn reports on payments for goods and services that are received from a company or person in the calendar year.
- Change the way that financial entities normally report the income and expenses of money in their clients’ accounts.
It should be noted that not all people will have an obligation to comply with these changes, but those users who own businesses with $ 600 or more in annual gross sales using Form 1099-K.
The Internal Revenue Code in certain sections has been corrected, requiring third-party settlement organizations (TPSOs), such as PayPal and Zelle, to carry out reports on bank account movements related to goods and services.
It is important to highlight that these legislative proposals have not yet been approved, but we must take into account that these changes were introduced in the American Rescue Plan Act of last year 2021.
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Now you can buy bitcoins with local currencies from Latin America and without commissions on Binance
You can buy and sell bitcoins and other cryptocurrencies through Binance P2P with the local currency of El Salvador, Venezuela, Argentina, Colombia, Chile, Uruguay, Peru, Bolivia, Paraguay, Brazil, Mexico, and the Dominican Republic.
In Venezuela the purchase of cryptocurrencies with bolivars through Mercantil, Provincial banks, with bank transfer, mobile payment and PayPal.
To start buying, selling and trading cryptocurrencies on Binance you must have an active and verified account. It is easy.Open your account here
In Morocotacoin.news Now you can see these simple tutorials to get you started in buying and selling cryptocurrencies:
- Learn how sign up on Binance to buy and sell bitcoins and other cryptocurrencies. Here.
- How to do identity verification or KYC on Binance to open or continue using your account. Here.
- How to buy bitcoin with bolivars on Binance P2P in 5 steps. Here.
- Binance P2P tutorial to buy and sell cryptocurrencies with bolivars, pesos and soles. Here.
- How to buy and sell bitcoins in Colombia? Guide to making money with BTC through Binance P2P. Here.
- How to add new payment methods for buying and selling cryptocurrencies on Binance P2P. Here.
- Learn how to ride a sale order of bitcoins on the Binance exchange. Here.
- Do you want to know how to sell your bitcoins with a Limit order on Binance? Learn how to do it and its usefulness. Here.
- How post ads on Binance for buying and selling cryptocurrencies. Here.
- Tips for ensure your purchase and sale of cryptocurrencies on Binance P2P. Here.