VENMO

Competition over your digital wallet is heating up, yet peer-to-peer payments still have varying degrees of consumer protections.

The IRS has issued a one-year delay for the 1099-K tax reporting change, applying to business transfers over $600. Here's what taxpayers need to know.

Tax professionals and consumers are likely to cheer the delay, which means the pre-2022 threshold of $20,000 for more than 200 transactions applies for now.

Regulators have had a busy year chasing after financial scammers — and there’s a lot more work to do.

While the 1099-K tax reporting change applies to business payments, it's possible you'll receive one for personal transfers. Here's how to handle it.

The IRS has a warning for early tax filers: You’ll need to wait for “key documents” before submitting your return. Here's what to know before filing.

If you've received payments via third-party networks such as Venmo or PayPal, you may get a Form 1099-K. Here's how to prepare and reduce your tax liability.

A change in tax reporting could catch some people by surprise when filing in 2023, the Internal Revenue Service warns. There’s a change in reporting rules for Form 1099-K, the IRS document used to report payments and transactions from online platforms, apps or payment card processors such as Venmo, PayPal, Facebook Marketplace, Etsy or Uber. A little extra caution could save people additional time and effort related to filing an amended tax return. “And if they have untaxed income on a Form 1099 that isn’t reflected on the tax return they initially file, that could mean they need to submit a tax payment with an amended tax return,” the IRS added. The form doesn’t mean there’s a change in the taxability of income, the IRS said.

When the bill arrived, it was more than he was expecting, and he told us he’d send us a Venmo request for our share the next morning. I didn’t hear anything about it again, until this week when I got a Venmo request for $85. Chris and his wife “Jan” have two children. Their divorce has been a cordial parting of ways, but my wife’s family now wishes to ghost Jan. Furthermore, if your wife’s family would punish you for simply being kind and cordial to “Jan,” this reflects extremely poorly on all of them.

The feature launches Tuesday, and will become available to U.S. users by Black Friday on Nov. 25.

Photo Illustration by Luis G. Rendon/The Daily Beast/Facebook/Venmo“They are not going to let me go love you there is a key to the house in the blue flower pot by the door.”That was the chilling Venmo message Deborrah “Debbie” Collier sent her daughter around 3:17 p.m. on Sept. 10—along with approximately $2,300—before the 59-year-old left her Athens, Georgia home in a rented SUV and vanished. Less than 24 hours later, authorities would discover her body, nude and severely burned, in a ravine ab

Laura Grasso, a resident of the Upper East Side, was scammed out of $1,000 after helping two “lost” children who came to her for assistance.

More than 18 million people in the last year were scammed using apps, like Zelle or Cash App, to send money virtually.

"I feel the passion and desire, and would like to see a naked body beneath my hands," says Cawthorn in the video.

Mobile payment apps like Venmo, Paypal and Cash are more popular than ever, but should they replace a bank account?

Convenience isn’t worth the price as the payment app cranks up fees for smaller transactions.

Using Venmo, PayPal and Cash App to accept payments for your small business? Here’s what the new tax law says.

Congress passed the new reporting provision last year as a way to help pay for the $1.9 trillion American Rescue Act.

Congress passed the new reporting provision last year as a way to help pay for the $1.9 trillion American Rescue Act.

The IRS is not requiring individuals to report or pay taxes on mobile payment app transactions over $600. The change applies to commercial transactions.

Just because marketers ask for your information doesn't mean you have to give it to them.

A new IRS rule set to go into effect in 2022, will impact businesses that use cash apps like Venmo, Zelle, and PayPal, as various news outlets are reporting. An ABC Action News report said the new rule allows the IRS to take a closer look at cash app business transactions of $600 or more. The change will mostly affect businesses that receive payment through one of the cash apps. Johan further recommends setting up a separate account for business transactions, according to ABC Action News. Those who fall into the $600 or more cash apps business transaction threshold, will receive a Form 1099-K, Action News noted.

The FEC had flagged the disbursements last month, warning of possible legal action if Boebert had used campaign funds for personal use.

From Facebook to Venmo, staying on top of your privacy starts with these key settings.

It’s easier than ever to digitally send and receive money right from your smartphone -- the trouble is, scammers know this, too.

Thursday at 6:30 a.m. on Local 4 News Today

PayPal and Fiserv announced a new partnership allowing gig economy workers to get their paychecks deposited into a PayPal or Venmo account.

Venmo launched a credit card feature that lets users convert their cash-back to crypto for free.

With so many payment app options, it’s hard to choose which to use. We look at fees, usability and privacy to recommend the best app for different needs.

When you consent to share your address book with applications, you give companies access to your entire personal network, and they may sell that information.

Our personal contacts can reveal a lot about us, but there is little transparency and few protections around how the information is shared from your phone with third-party apps.

Despite the ease with which Venmo allows you to pay rent or split the bill, you don't want to keep too much money sitting in the peer-to-peer payment service.

The online payment service posted an announcement on Twitter writing that those who retweet it with their Venmo handle, the #VenmoMe hashtag and tag @Venmo will have a chance to win. RT this with your Venmo handle for a chance to win $500. #VenmoMeMust follow @Venmo. Rules: https://t.co/g4KLdGjvpV pic.twitter.com/QSkXomztvQ — Venmo (@Venmo) June 28, 2021Venmo users can also enter the contest on Instagram if they follow @Venmo, comment on the sweepstakes post with their Venmo handle and share the post on their Instagram story. Winners need to be over 18-years-old, legal residents of the U.S. and have a Venmo account.

There’s been a rise in complaints about mobile payment apps and digital wallets as more Americans go cashless. Here’s what consumers need to know.

The nonprofit U.S. Public Interest Research Group [PIRG] says top issues include scams, trouble using accounts and poor customer service.

The nonprofit U.S. Public Interest Research Group [PIRG] says top issues include scams, trouble using accounts and poor customer service.

It comes as the social media giant attempts to diversify its revenue sources from advertising.

App’s security comes under scrutiny, as social media users comment: ‘I'm just surprised Biden knows what Venmo is’

After The New York Times reported President Joe Biden had used Venmo to send his grandchildren money, Buzzfeed reporters located his account.

While seeking a pardon, Gaetz's ally wrote a letter in which he admitted to having sex with a 17-year-old girl and implicated Gaetz in the same conduct. The question is: Why?

Crypto on Venmo is available now for some users while others will get access in coming weeks, the company said.

As PayPal's Venmo embraces some digital currencies, two traders share their favorite noncrypto ways to play the boom.

Venmo's 70 million monthly active users will soon have access to bitcoin, ethereum and other digital tokens at a time when their value has never been higher.

Venmo will allow users to buy and sell cryptocurrencies on its app, the latest mainstream financial platform to wade into alternative currency like Bitcoin.

Venmo will show users a new feature that lets them invest in four different cryptocurrencies with a minimum spending requirement of $1.

The BBB is warning people should only the P2P apps to send money to people they know. And always double check the profile of the person you are sending money too before actually hitting the second button. Duquesnel also recommends knowing how your bank would handle a mistake or a problem sending or receiving money through a P2P app. If you send money by mistake it is unlikely you will get the money back, and unfortunately scam artists know that as well. “We are seeing an increase in scams being perpetrated through a P2P app.

Mobile payment apps like PayPal and Venmo could expose consumers to coronavirus-related scams, according to AARP, an advocacy group for older Americans. Peer-to-peer payment platforms, which allow for the digital transfer of money from one user to another, have risen in popularity, especially among younger adults. But they also pose a fraud threat due to the difficulty of recovering funds sent via the platforms, according to AARP. More than half of Americans believe they can reclaim money sent in error, for example, according to an AARP survey of 2,842 adults ages 18 and over. The vulnerabilities to scams are especially salient as more people are using payment apps for delivery services for groceries, meals or other necessities as they stay home during the coronavirus pandemic, AARP warned.

"Thank You, Next" hit maker Ariana Grande is giving a helping hand to her fans suffering a great financial loss during the coronavirus crisis. The Grammy award winner has been sending $500 and $1,000 via Venmo to fans struggling from the economic slowdown. A report by Page Six quoted a fan as saying Ariana "reached out" to help cover their salary for a month. Another pop star who never shies away from helping her fans Taylor Swift has been performing random acts of kindness by sending $3,000 to those facing financial struggles. As Americans begin to adjust to living in the age of coronavirus, it will be the generosity of others that helps bring joy to fans and strangers alike.

The fintech stock has added 14% in January, tracking for its best month since June. However, Craig Johnson, chief market technician at Piper Sandler, needs to see the stock clear one key technical level to fully get behind the rally. "If you measure that out on an objective it would suggest you can see it move up toward around $74 to $75. But more interesting to me is Venmo and that's their peer-to-peer [platform]," Binger said. PayPal has added 11% over the past three months, lagging Square, American Express, Visa and Mastercard.

An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania. PNC and Venmo are bickering over customers' access to third parties, highlighting the sometimes murky area of connecting finance apps to bank accounts. In response, Venmo suggested that affected users should tweet PNC to "let me use the financial service apps I need!" The disagreement underlines what can be a divisive topic of who owns consumers' financial data the banks or the consumers and the difficulty of exporting that data in the United States. John Pitts, Head of Policy and Advocacy at Plaid, said people "should be able to connect their financial data with the apps they want."

Facebook is taking on PayPal's Venmo with a new payments service that will soon be able to be used across its family of apps. In a blog post on Tuesday, the company said the new service, called Facebook Pay, will allow users to securely send payments to others. Facebook Pay accepts most major credit and debit cards, as well as PayPal. But with Facebook Pay, users will be able to send money via other Facebook apps. "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected."

The popular app, owned by PayPal, will offer a Venmo-branded credit card in 2020, the company announced Thursday. Venmo has since brought in 40 million users, launched a debit card last year and offers a "pay with Venmo" option with partners like Uber. "The next natural extension was to have a Venmo credit card," Darrell Esch, senior vice president of credit at PayPal, told CNBC. Amazon offers credit cards and uses Synchrony for its most recent secured card. Instead, they pay bills directly on the Venmo app.

A college football fan who held up a sign on national TV asking for beer money has raised more than $1 million -- and he's giving it to a children's hospital. AMES, Iowa (CNN) - A college football fan who held up a sign on national TV asking for beer money has raised more than $1 million -- and he's giving it to a children's hospital. By Sunday morning, the contributions -- including Busch Beer and Venmo's matches -- had reached $1 million, and were continuing to rise. Stead Family Children's Hospital said they were overwhelmed by King's generosity, and the generosity of all the donors who pledged their support. "The University of Iowa's Stead Family Children's Hospital does amazing work for kids and families all over the country," he said.

- Venmo has become a very popular way to pay easily pay people for goods and services. Because it has become so popular with users, Venmo is now popular with scammers. '"At the end of the day the worst thing you can do is click on the link," Shriner said. Many cases go unreported and this one Venmo scam could target up to 40 million users. In the Venmo app, users can disconnect cards from the account, but by that time, the scammer most likely already has the banking information.

- A college football fan who held up a sign on national TV asking for beer money says he's giving the thousands of dollars he raked in to a children's hospital. He scrawled his Venmo account details on the sign for the nation to see. The children's hospital is next to the Hawkeyes' Kinnick Stadium. We're going to match your donation to University of Iowa. King said those interested in donating to the Stead Family Children's Hospital can also do so directly through the hospital's website.

Shares of PayPal fell as much as 6% in after-hours trading after the payments giant missed Wall Street's estimates for second-quarter revenue and lowered its full-year guidance. The San Jose, California-based company also slashed its full-year revenue guidance, which it attributed to delays in product integration, pricing initiatives that they said would be implemented later, and currency pressures. PayPal is now looking for full-year revenue of between $17.6 billion and $17.8 billion. PayPal also projected lower revenue growth of between 14% to 15% a percentage point below the previous range. Last quarter, PayPal announced that the app had 40 million users.

Smartphone payments on the rise More people are saying goodbye to their wallets and checkbooks and using apps, like Google Wallet and Venmo, to send and receive cash through their smartphones. Susan McGinnis found two young people who are jumping on board this tech trend.