Tax Resolution Attorney John P. Willis Alerts Taxpayers Who Get Paid For Services Through Cash Apps To Start Keeping Good Records.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR keeps readers informed about the new IRS requirement that all cash app services report all earnings over $600.
Fairhope, AL, March 16 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “Cash Payment Apps Now Obligated To Report Transactions To IRS.” Mr. Willis acknowledges that this is the kind of requirement that can push taxpayers into getting on the wrong side of the IRS.
“It was good while it lasted,” Willis writes adding, “not having to report income from that side hustle through which you got paid via PayPal, Venmo or other cash apps.” He continues, “Cash apps were born right along with the many services that began as side hustles, such as Airbnb, Lyft, and Uber. And in many instances, the side hustles became so lucrative that they turned into full time businesses.” Willis acknowledges, “The pandemic forced many people into side hustles. And for the longest time, the IRS wasn’t all that interested unless someone had more than 200 commercial transactions and made more than $20,000 over the course of a year.”
Willis points out, “The IRS has changed its mind, though and just in time for the 2021 tax filing season. “As of Jan. 1, 2022, a provision of the 2021 American Rescue Plan requires earnings over $600 paid through digital apps like PayPal, Cash App or Venmo to be reported to the IRS.” https://www.cnet.com/personal-finance/taxes/making-money-on-paypal-or-cash-app-this-new-irs-reporting-rule-could-impact-millions/
The entire blog can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 23 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://irsallstar.com or call toll-free 877-254-4254.