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This year’s survey also highlights an uptick in digital paymentmethods, with 65% of respondents preferring to pay digitally and paper-based checks declining year-over-year (YoY) to only 15%, largely contributed by Baby Boomers and Gen X. credit cards, loans, etc.) 20% would make minor purchases (e.g.,
These behaviors reflect growing mistrust of professional tax institutions and a generational shift toward personal networks and digital payment platforms. This has nationwide economic implications given the IRS reports 26-to-34-year-olds file more taxes than any other group. independent professional tax preparers or the IRS website.
The emergence of digital payments hasnt completely stifled cash-based payments, and they still account for 16% of all transactions. We recommend cash payments for very small businesses because of the significant processing fees imposed on other alternativepaymentmethods, especially card payments.
Stateside, the battle between Coinbase and the IRS is heating up. The IRS seeks access to Coinbase’s user records as part of an investigation into alleged tax violations connected to digital currency. Berns filed a motion in federal court to block the IRS from accessing Coinbase users’ personal, transactional and security data.
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