Episode Details
Back to EpisodesCalling All Venmo, PayPal, Zelle and Cash App Users: You Need To Watch Out For This Tax Issue
Published 3 years, 5 months ago
Description
Say you throw your card down at brunch with friends and everyone pays you back via Venmo. Because of some changes to how the IRS collects income data from third party payment apps (Venmo, Zelle, etc.,), the IRS may mistakenly count that Venmo payment as income— and we definitely do not want that. Here's the intel on this change, and what to do if this happens to you.
Here's your new fav form (be sure you're looking at the right form for the year in question): https://www.irs.gov/instructions/i1040sc