What is the purpose of the change in reporting requirements?
IRS Is Cracking Down On Digital Payments
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The video explains new reporting requirements for electronic payment apps like PayPal and Venmo. Transactions totaling over $600 annually for goods and services must be reported to address unpaid taxes. However, personal reimbursements among family and friends are exempt from this requirement.
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OPEN ENDED QUESTION
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Does the new reporting requirement affect reimbursements among family and friends?
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