How new IRS rules could impact Venmo, Etsy, and CashApp users | Reporter Byte

Washington woodworker Dennis Turbefel has used the mobile payment service Venmo to sell his furniture, collect rental payments, and split bills with family and friends. He employs QuickBooks software to monitor income for Austen Morris Custom Furniture and works with an accountant to pay federal taxes. However, he’s concerned the reform aiming to stop tax evasion by small businesses and gig workers will mean more paperwork and trouble form the Internal Revenue Service. Last year, an amendment to the tax code was introduced to require people using Venmo, CashApp, Etsy, StubHub, and Airbnb to report income to the IRS. This is part of the Biden administration’s $7 trillion revenue collection effort. Mr. Turbefel hopes his operations will not be subject to extra scrutiny if there are unintentional discrepancies.……Click here to read the source article[read more]

Rising Dough

Rising Dough - the question(s) that we need to think about from the reading.How will this change affect small business owners and consumers?

*Click on the “Full Loaf” icon to read the full article! After you read the full article, come back and tell us your thoughts.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.