So what exactly is it, and whom does it affect? You say it's a new reporting requirement. M MARTIN: So you recently wrote about this new reporting rule for The Washington Post, and we want to begin with how you define it in your piece. MICHELLE SINGLETARY: Thank you for having me. She's the personal finance columnist for The Washington Post, and she's with us now. So with so much going on, we thought we'd call Michelle Singletary to try to point us in the right direction. The stock market had a wild week, and interest rates are set to go up soon. And that's not all the financial news that could affect your budget. Starting this year, the IRS is requiring third-party apps like the ones I just mentioned to report any income for goods and services that total $600 or more, and that'll probably have an effect on what's expected of these workers come tax season. They make it easy to exchange money for services and products - no muss, no fuss - until now. If you are one of the millions of Americans who makes an income through gig work or a side hustle, you probably get paid through an app like Venmo or PayPal or Cash App.
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