New IRS rules went into place on Jan 1. Payments over $600 annually through pay apps like Venmo, PayPal, Zelle, etc will be counted as income for the recipient. They will send a 1099 at the end of 2022.
Our team uses these apps to collect funds that 100% go back into the team for tournaments and such.
How are teams handling this change?
Our team uses these apps to collect funds that 100% go back into the team for tournaments and such.
How are teams handling this change?