Sandra O’Neill appeared on the TODAY Show in “Here’s who will have to pay taxes on Venmo, Paypal transactions”
Starting this year, the IRS will keep track of online transactions for small business and side hustles paid through third party apps. While the new rules won’t apply to personal transfers, it could become a big headache for business owners across the country. Sandra O’Neill was interviewed on the TODAY Show about the new IRS tax law changes requiring all third-party payment processors to report payments received for goods and services of $600 or more a year. This is likely to be a jarring change for some self-employed gig workers and people with side hustles.
“It’s not just income tax,” said Sandra O’Neill, a tax attorney and partner at Bowditch & Dewey. “I mean there is the additional self-employment tax that applies to these instances, and that’s a big burden.”
Watch the full segment “Here’s who will have to pay taxes on Venmo, Paypal transactions” on the TODAY Show website.
Tagged In: income tax planning, Tax