The Form 1099-K is meant to report income from payment apps (like Venmo or Paypal), as well as from online marketplaces or gift cards. Third-party payment services send this form to taxpayers who cross the reporting threshold and a copy goes to the IRS, as well.

The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals if they earned more than $20,000 in commercial payments

PayPal Holdings, Inc. (NASDAQ:PYPL) continues to navigate a rapidly evolving digital payments landscape, facing both opportunities and challenges as it seeks to maintain its position as a leading financial technology company.

Musk once dreamed of making X the “biggest financial institution in the world,” taking the first step of launching a peer-to-peer payments competitor to PayPal’s Venmo, Block’s Cash App and bank-owned Zelle.

Payment apps are now required to send payment information to the IRS. If you use these apps you may owe taxes this year.

JetBlue is the first airline to accept payments from the peer-to-peer payment app, which is owned by PayPal. Like Apple Pay, Google Pay, or PayPal itself, Venmo lets you complete a transaction without having to dig out your credit card or input your financial details into the website.

In an announcement last week, JetBlue says it's the first airline to accept payment for a plane ticket through Venmo. Many airlines already let you use PayPal (which owns Venmo), but this is the first airline partnership with the popular peer-to-peer payment platform.

Venmo payment options are the latest announcement in a broader effort from JetBlue to enhance its services and boost profits. The struggling low-cost carrier has searched for new revenue streams as larger airlines introduce their own budget options, increasing competition for those flyers.

JetBlue announced this week that it will now accept Venmo payments, a first for the airline industry. The new arrangement has many advantages but also a few uncertainties, especially for travelers who live for their credit card’s bonus points.

In 2017, the company, owned by PayPal, said its vision for Venmo was “not only be the go-to app for payments between friends, but also a ubiquitous digital wallet that helps consumers spend ...

However, there is one change that will affect a lot of Americans who use payment apps like PayPal and Venmo. In November of 2024, the IRS released an outline for how these payments will be treated ...

Investopedia’s independent research found Venmo the best money transfer app for sending money to family and friends in the U.S., thanks to its convenience and low fees.