Published on 12 Jan 2022 on Benzinga
A new tax law that took effect at the start of 2022 is not being welcomed by users of mobile payment services.
What Happened: Starting this year, the IRS is requiring mobile payment apps such as Zelle, Block Inc.'s (NYSE: SQ) Cash App and Paypal Holdings Inc.'s (NASDAQ: PYPL) Venmo to report business transactions totaling more than $600.