Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement

*The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them

*Beginning Jan. 1, 2022, third-party payment processors were required to report such transactions

*The changes will be included during the 2022 tax season

*The payment apps were previously required to send users 1099-K forms if their gross income exceeded $20,000 or had more than 200 transactions per year

Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement