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2 days ago · event by karrin harrison on sunday, december 8 2024 The american rescue plan act of 2021 changed the minimum reporting threshold for certain transactions. The irs planned to require services like cash app for business to report.
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I've received about 8k through my personal cashapp account in 2023. None of this was business income, and as i mentioned my account is set up as a personal account, but i'm reading. Banks notify the irs of the large deposit $10k and over. That's just to alert the irs of possible illegal activity such as money laundering
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For example, if you opt for an instant.
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