How New IRS Rules Could Affect Venmo, Zelle and CashApp Users

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WASHINGTON — This year, Dennis Turbeville, a woodworker in Washington, used the mobile payment service Venmo to sell his wares, collect payments on a rental property and split personal expenses with family and friends.He carefully tracks income for his business, Austen Morris Custom Furniture, with QuickBooks software and works with an accountant to make sure everything he owes to the federal government is paid correctly.But Mr. Turbeville is concerned that a recent tax change intended to crack down on tax evasion by small businesses and those operating in the “gig” economy will mean more paperwork and headaches from the Internal Revenue Service. He is hopeful that if there are any unintended discrepancies, his business will be too small to attract an audit.A tweak to the tax code e …

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