https://www.siliconvalley.com/2021/11/10/if-you-use-venmo-paypal-or-other-payment-apps-this-tax-rule-change-may-affect-you/

If you’re among the millions of people who use payment apps like PayPal, Venmo, Square, and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January.

Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total $600 or more for the year. A business transaction is defined as payment for a good or service.