New IRS regulations will require payments for services paid via services like Venmo, CashApp to be reported tonthe IRS on Form 1099-K. So provider recipients will be subject to taxes on those payments. What is less clear is what information will be included in the Form 1099-K. Some sources indicate that those forms, issued by the payment app, will include the true identity of each payor - so there will be a loss of anonymity for transactions where that is a concern. Still unclear, but probably wise to revert to good old paper cash for payments to providers.
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