From USA TODAY:
A proposal from the Department of the Treasury aimed at decreasing tax avoidance has become the subject of misinformation online.
One Facebook post claims the “new tax bill” would tax transactions exceeding $600 on smartphone apps like PayPal and Venmo.
“That means if you borrow money using any of those things over $600 that money will be taxed again,” reads the Sept. 20 post, which was shared more than 1,300 times in four days. “You know who deposits $600 or more into their bank account from outside sources to help them survive? The poor and middle class.”
The Treasury proposal would change reporting requirements to account for transactions made on smartphone apps. But the claim that it would levy new taxes is wrong.
Do you have a complaint about PayPal or Venmo, such as locked accounts or funds seized for unspecified Acceptable Use Policy violations? Take your claim to FairShake, the consumer advocacy service.