{"id":1673,"date":"2022-02-01T15:44:10","date_gmt":"2022-02-01T20:44:10","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1673"},"modified":"2022-05-03T10:07:53","modified_gmt":"2022-05-03T14:07:53","slug":"sandra-oneill-appeared-on-the-today-show-in-heres-who-will-have-to-pay-taxes-on-venmo-paypal-transactions","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2022\/02\/01\/sandra-oneill-appeared-on-the-today-show-in-heres-who-will-have-to-pay-taxes-on-venmo-paypal-transactions\/","title":{"rendered":"Sandra O\u2019Neill appeared on the TODAY Show in \u201cHere\u2019s who will have to pay taxes on Venmo, Paypal transactions\u201d"},"content":{"rendered":"<p>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\u2019t apply to personal transfers, it could become a big headache for business owners across the country.\u00a0 Sandra O\u2019Neill 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.\u00a0 This\u00a0is likely to be a jarring change for some self-employed gig workers and people with side hustles.<\/p>\n<blockquote><p>\u201cIt\u2019s not just income tax,\u201d said Sandra O\u2019Neill, a tax attorney and partner at Bowditch &amp; Dewey. \u201cI mean there is the additional self-employment tax that applies to these instances, and that\u2019s a big burden.\u201d<\/p><\/blockquote>\n<p>Watch the full segment \u201c<a href=\"https:\/\/www.today.com\/video\/new-tax-rule-could-impact-millions-being-paid-on-venmo-or-paypal-132157509749\" target=\"_blank\" rel=\"noopener\">Here\u2019s who will have to pay taxes on Venmo, Paypal transactions<\/a>\u201d on the TODAY Show website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&rsquo;t apply to personal transfers, it could become a big headache for business owners across the country.&nbsp; Sandra O&rsquo;Neill was interviewed on the TODAY&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[10],"tags":[155,19],"class_list":["post-1673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes","tag-income-tax-planning","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sandra O\u2019Neill appeared on the TODAY Show in \u201cHere\u2019s who will have to pay taxes on Venmo, Paypal transactions\u201d - Don\u2019t Tax Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2022\/02\/01\/sandra-oneill-appeared-on-the-today-show-in-heres-who-will-have-to-pay-taxes-on-venmo-paypal-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sandra O\u2019Neill appeared on the TODAY Show in \u201cHere\u2019s who will have to pay taxes on Venmo, Paypal transactions\u201d - Don\u2019t Tax Yourself\" \/>\n<meta property=\"og:description\" content=\"Starting this year, the IRS will keep track of online transactions for small business and side hustles paid through third party apps. 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