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Taxpayers Must Prepare to Pay Taxes on More Transactions Involving Venmo and Other Online Payment Apps by Savannah Cabrera Snow, CPA

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Posted on February 24, 2025 by Savannah Cabrera Snow

If you accepted more than $5,000 in online business payments in 2024 for goods and services via platforms such as Venmo, PayPal, eBay, Airbnb and Cash App, the IRS expects you to pay taxes on those earnings come April 15, 2025. While the IRS has always considered these payments as taxable business income, many taxpayers […]

IRS Again Delays Reporting Requirement for Commercial Transactions involving Venmo and other Payment Apps by Savannah Cabrera Snow, CPA

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Posted on January 16, 2024 by Savannah Cabrera Snow

For the second consecutive year, the IRS is postponing the implementation of a 2021 law requiring e-commerce companies and mobile payment platforms, such as Venmo, PayPal, Cash App and Square, to report certain business transactions to the IRS annually and issue to customers Forms 1099-K, Payment Card and Third-Party Network Transaction. Therefore, only taxpayers who […]