How New I.R.S. Rules Could Affect Venmo, Etsy and Cash App Users
A tweak to the tax code enacted last year was intended to ensure that those who use Venmo, Cash App, Etsy, StubHub, and Airbnb to collect money are reporting all their income to the IRS. The change was part of the Biden administration’s efforts to narrow the $7 trillion “tax gap” between the revenue owed and the collected revenue.
But for millions of Americans, the new requirement means additional tax forms, potentially higher tax bills, and a lot of confusion. That is stirring anxiety among some middle-class taxpayers and independent business owners President Biden promised would be spared from greater tax scrutiny.
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