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The IRS is now taxing cash app transactions

Posted at 10:20 PM, Jan 07, 2022
and last updated 2022-01-07 23:20:48-05

Using apps like Cash App was once not taxed. In the new year, the IRS will be taxing cash app transactions over 600 dollars.

The app has 36 million monthly users, 63 percent of smartphone users have the app downloaded on their phone. Most of them are ordinary people who use it as a means to send and receive funds; the others are small business owners and consumers.

Co-Owner of Sign Sisters Waco, Ashley Josha said, "Cash app is about 90% of how we get our money."

Business owners in the Central Texas area are a bit concerned about this new reality.

Finance Professor at Texas A&M says, "It appears as though the government is clamping down and wants to get their cut." He said, "Cash app is moving towards having a record of all the transactions you've done in a given quarter or year."