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5 mentions found


☆ IRS postpones rule change on digital payment reporting for small businesses and side hustles
  + stars: | 2023-11-21 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +4 min
The change might have resulted in 44 million more 1099-K forms being sent in January to such filers, including small business owners, freelancers, those with side hustles and gig workers. Regardless of delay or rule change, your tax obligations remain the sameNeither the delay of the rule change nor the eventual implementation of it will change your tax burden in any way. That’s because you have always been obligated as a taxpayer to report the money you make from your business activities to the IRS. The difference once the rule change goes into effect is that the IRS will be learning about your business income from a third party payment platform. And the change will effectively pull back the curtain on just how much business income is being generated on third-party payment platforms.
Persons: “, ”, Danny Werfel, –, Sherrod Brown of, Bill Cassidy, Biden, Arshi Siddiqui, Akin Gump, they’re Organizations: New, New York CNN, IRS, American, The Coalition, Electronic Transactions, Airbnb, PayPal, Democratic, Ks Locations: New York, Poshmark, Sherrod Brown of Ohio, Louisiana
☆ US consumer watchdog proposes rules for Big Tech payments, digital wallets
  + stars: | 2023-11-07 | by ( Douglas Gillison Hannah Lang | Douglas Gillison | Hannah Lang | ) www.reuters.com   time to read: +4 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said. Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data. The agency said the rule would also foster competition by ensuring that both traditional financial players and the tech sector were equally subject to the same oversight.
Persons: Dado Ruvic, Block's, CashApp, Rohit Chopra, Chopra, CFPB, Lindsey Johnson, Douglas Gillison, Hannah Lang, Chris Prentice, Matthew Lewis, Mark Potter, David Gregorio Our Organizations: PayPal, REUTERS, Rights, Consumer, Apple, Big Tech, Consumer Bankers Association, Electronic Transactions Association, Thomson Locations: Washington, New York
☆ Consumer Bureau Seeks to Supervise Digital Payment Apps
  + stars: | 2023-11-07 | by ( Stacy Cowley | More About Stacy Cowley | ) www.nytimes.com   time to read: +1 min
The Consumer Financial Protection Bureau wants to extend its watchdog powers to cover digital wallets and payment apps run by companies like Apple, Google, PayPal and Block, which do not have traditional banking operations. The bureau proposed a rule on Tuesday that would subject large companies — those that process more than five million financial transactions per year — to the same supervisory examinations the bureau conducts on banks and credit unions. “Payment systems are critical infrastructure for our economy,” said Rohit Chopra, the bureau’s director. “Today’s rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight.”The proposed rule could take effect as soon as next year. One of the payment industry’s largest trade groups, the Electronic Transactions Association, had a fairly mild response to the proposal.
Persons: ”, Rohit Chopra, “ Organizations: Consumer Financial, Apple, Google, PayPal, Electronic Transactions Locations: United States
☆ IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps
  + stars: | 2022-12-23 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +5 min
New York CNN —Anyone getting paid for their goods and services through apps like Venmo, PayPal or CashApp, or platforms like Etsy and Airbnb, just got a reprieve from the IRS. But the 1099-K reporting will make it harder for someone to evade the taxes they owe by underreporting their business income. The rule also does not apply to personal transactions you conduct on an electronic payment platform. Lastly, the 1099-K reporting rule does not apply to any transactions made through Zelle. But the IRS may still get reporting on at least some of your business transactions on Zelle, Walker said.
☆ Special interest groups representing Amazon to Uber oppose possible crypto regulation in California
  + stars: | 2022-09-23 | by ( Caroline Haskins | ) www.businessinsider.com   time to read: +8 min
Industry groups representing Amazon, Apple, Block, Coinbase, Genesis, Google, GrubHub, Lyft, Facebook/Meta, Uber, and other companies wrote to the state assembly opposing the law. Nine organizations representing consumers and advocating for economic justice wrote to the state assembly expressing support for the law. Several tech industry groups representing major companies and venture capital firms wrote in to oppose the law. Several organizations advocating for consumers and economic justice wrote to the state assembly expressing support for the law. Interest groups argued that regulation presents an "undue burden"on crypto companiesBlockchain Advocacy CoalitionThe Blockchain Advocacy Coalition wrote to Assemblymember Grayson on August 26.
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