Independent business owners will have to file a 1099-K tax form which will force them to report earnings over $600.
This will affect businesses like restaurants but also people who use EBay for reselling items. From now on people will have to differentiate between personal and business transactions.
According to Bloomberg.org, “Because many users don’t separate personal transactions from business revenue on Venmo and other platforms—and the services don’t always make it easy—entrepreneurs say the rule change will create an administrative headache.”
PayPal and Airbnb are other platforms that will be more closely monitored.
