PayPal, Venmo, and other Cash App Users May Face More Taxes
Image: Chip Somodevilla (Getty Images)President Joe Biden’s administration implemented a change to the tax code earlier this year that impacts those who use services like Venmo, Etsy, StubHub, and Airbnb to collect money. The tax change was meant to ensure people are reporting all of their income to the Internal Revenue Service and will soon require payment app providers to issue users a 1099-K form for all business transactions if they total more than $600 per year. Prior to the change, the app would only be required to…