New Paypal IRS Reporting Rules for 2022

[voice4anychoice]

Has there been an official statement or explanation on the implication of the new law in the US regarding Paypal having to report any transactions over $600? I know only transactions labelled "Goods and Services" are subject to that reporting, and I would have to imagine that how it is designated when being sent from Fiverr to Paypal, but I have not seen any official response/statement/documentation to that effect.

Any thoughts?

[imagination7413]

Not sure, but this was recently shared with me on another site. Maybe it can help answer some of your confusion.