Category: Venmo

Don’t Store Cash in Venmo, PayPal, and Other Payment Apps, Financial Watchdog Warns

June 7, 2023
Business & MarketsCompaniesPapPalpayment appsUSVenmo
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The Consumer Financial Protection Bureau (CFPB) is warning consumers not to store money in nonbank, peer-to-peer payment apps such as Venmo, Paypal, and CashApp, because that money is not automatically insured by the government. A growing number of consumers prefer to make payments without cash and are adopting payment apps. More than three-quarters of U.S….

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Venmo, PayPal and Zelle®: New Tax Reporting Rules

June 23, 2022
BrightPayPalpersonal financetaxVenmoWealth ManagementZelle®
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Venmo, Zelle®, and PayPal are familiar online payment platforms. They are peer-to-peer payment apps that allow you to transfer money. Some people use them to pay family and friends. Others use them to make business transactions. What are these payment apps, and when you use them, can your transactions be taxed? Increased Tax Reporting on Payment…

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Venmo, PayPal Must Report Goods and Services Payments of $600 or Above to IRS

January 5, 2022
Business & EconomyCompaniesPayPalPolicies & ImpactsReporting ThresholdTechTech NewsUSUS NewsVenmo
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Third-party payment apps must report goods and services payments of $600 or above to Internal Revenue Service (IRS) starting from Jan. 1. The new rule will affect all main payment apps including PayPal, Venmo, Cash App, Zelle, Google Pay, etc. The amended reporting threshold is part of the American Rescue Plan (pdf) which was passed…

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NTD Business Full Broadcast (Nov. 10)

November 10, 2021
inflationIRSNews VideosNTD BusinessPayPaltaxVenmoVideo
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The so-called transitory inflation is heating up. The CPI is at a 30-year high. What does it mean for small businesses? U.S. stock indexes see their first major down day in a month. Is inflation spooking markets or is something else at play? If your business is processing more than $600 of sales through Paypal…

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