Tech

IRS Is Cracking Down On Digital Payments

Electronic payment apps will now have to report transactions totaling more than $600 a year.

IRS Is Cracking Down On Digital Payments
Jeff Chiu / AP
SMS

The IRS could be looking more closely at your accounts if you use PayPal or Venmo for business transactions.

Electronic payment apps will now have to report such transactions if they total more than $600 a year.

That includes payments for goods and services.

The change is designed to crack down on unpaid taxes, but this doesn't affect reimbursements among family and friends.