This is coming from Fox Business. New IRS rule on Venmo. Cash app payments threatens to sweep up millions of Americans. And this actually affects us. And it affects a lot of people. And I don't know that many people know about this one. Honestly, I think people are, obviously, it's in mainstream Fox Business News now, but I think

because it's coming around the corner, I think a lot of people are just now realizing what this is.

Well, so with modern times, we know that like the news media companies are on a downhill trend.

A lot of people aren't following news companies.

Yeah. And so people, this has to do with taxes, people. Um, companies are on a downhill trend. A lot of people aren't following news companies.

Yeah. And so people, this has to do with taxes, people. People go about their business, right?

It's tax season. They file their taxes. They do the same old, same old, almost every year.

Because most people live pretty much the same every year. You know what I'm saying? They make the same income. They sell the same expenses. So they kind of fly through their taxes. They just want to get over with and they get their

tax return. This, however, changed something, which is small, but it's not small. It's small as far as

it's kind of just this hidden thing, but it can bite you in the butt. Okay? So lower threshold for reporting

PayPal Venmo earnings could come as a shock to taxpayers. And what it said here is kind of like

what the old method was. And we've actually had this discussion with Parma American as a business,

right? When we were starting out, is it worth it to have a business

license you know like do you really need to file if you're not making that much at the time the old

threshold says here the payment apps were previously required to send users form 1099k if their

gross income exceeded $20,000 or they had 200 separate transactions within a calendar year.

However, the new one is basically anything over $600.

It says in an explainer posted online last month, the IRS warned small business owners about the $600 threshold for receiving form 1099K for third party payments exceeding $600.

So PayPal, we use Venmo all the time as friends, right?

We go out and we have dinner or something and we just go, hey, we'll cover this one.

You guys can Venmo us later or vice versa.

I mean, especially our wives, I don't use it that much, but our wives, like if they buy

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