BOOK A TAX APPOINTMENT NOW.

BOOK NOW
Red Carat
White Carat
Liberty Tax Logo
Close Icon

THIS SITE USES COOKIES FOR PERSONALIZATION AND TO PROVIDE THE OPTIMAL USER EXPERIENCE AND CONTENT. CLICK ACCEPT TO OPT INTO THIS ENHANCED EXPERIENCE.

woman working on her taxes.jpeg

resources

3 red stars

VENMO REPORTING

Learn about IRS tax rules regarding peer-to-peer payments.

VENMO TAX REPORTING

The IRS views the payment and/or receipt of money through Venmo or any similar peer-to-peer (P2P) app the same as a “traditional” payment and/or receipt of cash.

  • So, the sending of money back and forth for personal purposes (e.g., paying for your share of dinner with friends) does not require any tax reporting.
  • However, if you accept business payments on a P2P platform, you are responsible for reporting those earnings on your income tax return
    • You may or may not receive a 1099 from the payor, however, you are required to report the income even if you did not receive a 1099
  • The P2P platform is required to issue a Form 1099-K to both you and to the IRS if in a given calendar year:
    • You receive gross payments for the sale of goods and services of $20,000 or more, AND
    • You receive over 200 separate payments
  • If you use the P2P payment platform to make deductible payments (e.g., business payments), like any other business transaction, you must:
    • Have documentation to support the deduction
      • For example, receipts, invoices, etc.
    • Provide the payee with a Form 1099-NEC if you paid $600 or more to a qualified individual

The Treasury Inspector General for Tax Administration recently completed an audit of P2P payment applications due to the recent growth of payment applications. To learn more about their findings, please read this document available on Treasury.gov.

tax updates

REFUND RELATED QUESTIONS

From tracking your refund to checking the status of a return, we make taxes easy. Start to finish, we can help you navigate tax season.

woman thinking

WHERE'S MY REFUND?

With one click, get up-to-date information concerning the status of your refund.

stay up-to-date

TRENDING TOPICS

Tax time can be complicated and stressful, so at Liberty Tax, we strive to make things simple and clear for all our customers. Our experts have put in the time curating the trending tax topics most relevant to your needs.

woman with laptop

BACK TAXES &
DELINQUENT TAXES

Haven't filed taxes in a while? See what your next steps should be.

city view

ESTIMATED TAXES

Get important withholding information here.

woman working on laptop

TAXABLE
VS. NON-TAXABLE

See what income is consider taxable and what income is not.

SEND-A-FRIEND

Refer your friends to Liberty Tax and get paid for each one who files with us.