The IRS issued a warning today that Americans who received $600 or more in TOTAL during 2022 must report all money received from all services. [
irs.gov...]
Previous news - Any company, worldwide, having any transaction with a US based person must report that person's account activity directly to the IRS. If a company paid you, for any reason, to any account including bank or 3rd party servce, the IRS was informed by that company.
This isn't tax or financial advice.
If you received $700 in affiliate earnings to paypal, but also a $50 birthday gift, you may want to figure out if it's to be reported. Claiming $700 when Paypal reports $750 may become problematic.
Edit: Canada has similar laws as well, companies must report your account activity there as well. I don't read much UK news but imagine it's similar, or will be soon.
Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods
That $700 rare baseball card you sold from your collection to buy other cards for your collection... you used paypal? Must be reported according to the wording, as explained to me by an actual accountant friend.... BUT THIS IS NOT FINANCIAL OR TAX ADVICE... just a warning to be aware online related changes that are new.
