Is there going to be a new tax applied to transactions involving digital payment platforms like PayPal and Venmo?
That question has been circulating recently in social-media circles, and the answer is no. People who use these digital wallets won’t have to pay an additional tax on money they receive. They’ll just be facing new requirements to pay taxes that they may have grown accustomed to ignoring.
New income-reporting rules are slated to go into effect next year, and it appears that they will affect most people who use these peer-to-peer (P2P) payment platforms for their businesses or freelance gigs.
