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New IRS Rule Will Lead to Widespread Phishing Scams

As the US tax season rolls on, new concerns of phishing scams are emerging as the new Internal Revenue Service (IRS) directive requires mobile payment apps to report commercial transactions totaling more than $600 in one year.

The New IRS Rules and Phishing Scams

As of January 1, 2022, third-party payment network providers like Venmo, PayPal, and Cash App are required to send users a 1099-K form for transactions made during the 2022 tax year by mail or electronically.

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