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Mibolsillo

IRS Introduces new tax regulations for virtual wallets starting 2025

Mibolsillo
Summary
Nutrition label

79% Informative

The Internal Revenue Service ( IRS ) of the United States has unveiled a new tax regulation that will affect users of virtual wallets.

Virtual wallets such as PayPal , Cash App, and Venmo have become indispensable tools for freelancers and individuals engaged in side hustles across the U.S. Users receiving 'commercial money' for services rendered will be required to complete the 1099 -K tax form.

VR Score

80

Informative language

79

Neutral language

59

Article tone

formal

Language

English

Language complexity

56

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

Source diversity

1

Affiliate links

no affiliate links