If you use third-party payment platforms, like PayPal, Venmo or Cash App ... earnings were already taxable so this is not a change in tax law, but rather just a reporting change.

Fintech companies such as Venmo, PayPal, Zelle and Stripe make the process swift and safe through their mobile apps. Be aware that you will often need to pay income tax on your earnings.

As the landscape of digital payments continues to evolve, the Internal Revenue Service (IRS) is implementing new regulations that will impact users of popular virtual wallets like Venmo and Cash App.