{"id":1582,"date":"2023-01-22T03:43:07","date_gmt":"2023-01-22T03:43:07","guid":{"rendered":"https:\/\/smashybrick.com\/?p=1582"},"modified":"2023-01-25T14:47:34","modified_gmt":"2023-01-25T14:47:34","slug":"cash-app-new-irs-rules-2022-what-is-600-cash-app-law","status":"publish","type":"post","link":"https:\/\/smashybrick.com\/cash-app-new-irs-rules-2022-what-is-600-cash-app-law\/","title":{"rendered":"Cash App New IRS Rules- What is $600 Cash App Law?"},"content":{"rendered":"\n
Cash App New IRS Rules<\/strong><\/p>\n\n\n\n How many times have you paid through the Cash App and tracked the transactions? You hardly track it, right? This is because the app was flexible and free to send and receive money without bothering about additional charges. Only business accounts had to pay some charge as a tax if they exceeded a certain amount of transfer limit. However, their limit was also at a higher end which pushed a lot of businesses to make huge incomes by paying less tax.<\/p>\n\n\n\n Things are changing due to the pandemic and the government is planning different rescue plans. The US president is distributing more money to more families as cash app credit. It is being done via Cash App only. This is purely considered as help because they don’t have to pay back.<\/p>\n\n\n\n That’s why they need to make more to give away more. They are balancing this financial condition by charging tax businesses as soon as they exceed $600.<\/p>\n\n\n\n The other reason behind this change is illegal activities. Businesses had to pay taxes when they were taking money by other means but it was not applied on apps. Hence, more people turned towards payment apps like Cash App and Venmo to save maximum. Some were underreporting their taxes which is illegal.<\/p>\n\n\n\n But, here’s the catch! You don’t have to pay tax every time you exceed $600 because the rules regarding taxable and non-taxable income are still the same. <\/p>\n\n\n\n On the motive of educating you more and making you spend less, we have framed this blog. <\/p>\n\n\n\n Have a read!<\/p>\n\n\n\n Also, Check:- How to use Cash App Tax Calculator?<\/a><\/p>\n\n\n\nWhat are the new IRS rules for 2022 Cash App?<\/strong><\/h2>\n\n\n\n