Additionally, the article notes a tax-reporting change for freelancers using payment apps like PayPal, Venmo, and Cash App. A new tax form (1099-K) will be issued to those earning self-employment income exceeding a certain threshold, aimed at improving income reporting to the IRS. This change affects individuals who earned $5,000 or more through these apps in the previous year, ensuring better tracking of potentially unreported income.
Key takeaways:
- Trust in developing responsible AI products and educating consumers about data usage is becoming a major focus for companies in advertising and ecommerce.
- Jacqueline Karlin from PayPal emphasizes the importance of utility in exchange for personal data, likening it to a new currency.
- Four types of consumers in 2025 are identified, each representing about 20% of the market, with varying levels of data sharing willingness based on trust and perceived value.
- Freelancers using payment apps like PayPal, Venmo, and Cash App may receive a new tax form (1099-K) for self-employment income exceeding a certain amount, reflecting changes in tax-reporting requirements.