Taxes
IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
- Venmo, Etsy, other sites add forms for payments over $600
- ‘It’s very easy to go after’ small businesses, attorney says
IRS headquarters in Washington, D.C.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
It just got harder to hide from the IRS.
Starting this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information.