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

Apple is sticking taxpayers with part of the bill for rollout of tech giant’s digital ID card

Apple is sticking taxpayers with part of the bill for rollout of tech giant’s digital ID card

The agreement, obtained through public record requests from CNBC and other sources, mostly portrays Apple as having a high degree of control over the government agencies responsible for issuing identification cards.

Apple has “sole discretion” for key aspects of the program, including what types of devices will be compatible with the digital IDs, how states are required to report on the performance of the effort, and when the program is launched, according to the documents. Apple even gets to review and approve the marketing that states are required to do.