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IRS Introduces new tax regulations for virtual wallets starting 2025

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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.