Electronic Funds Transfers-what you need to know when using cash applications such as Venmo
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
Visit https://compliance911show.com for more episodes. Len and Dean focus on Electronic Funds Transfers, particularly person-to-person (P2P) payment apps like Venmo, Apple Pay, and Zelle. Dean elaborates on the December...more
In early November, we issued an alert on the filing of information returns by payment settlement entities, such as PayPal or Venmo, when sellers of goods or services use them to carryout payments with buyers (see 1099-K...more
We are often asked if one has to pay taxes when selling goods or services online. That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive...more
Weber Gallagher’s Family Law Group often reviews payments made through popular mobile apps, including Venmo and Apple Pay, in discovery and for support purposes. Clients who utilize one of the many mobile payment platforms...more
If you are thinking about using Venmo to accept campaign donations, you now have guidance from the Ohio Elections Commission to permissibly do so. The Ohio Elections Commission advised that the use of peer-to-peer...more
As we wrote in December, third-party payment networks, such as PayPal and Venmo, must report to the IRS any transactions for goods or services in excess of $600 starting this year. The House’s Build Back Better Proposal would...more
A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per...more
You may have seen recent headlines warning that the IRS is tracking certain transactions paid using digital payment services such as Paypal, Cash App, Zelle, and Venmo. Even worse, you may have wondered whether a new law...more
Small businesses take note: Starting January 1, third-party payment networks, such as PayPal and Venmo, must report to the IRS any transactions for goods or services in excess of $600. Under current law, such “third party...more
When Tesla announced that it would begin accepting Bitcoin payments, it sent shock waves through the automotive industry and cryptocurrency markets. Many businesses are apprehensive about accepting cryptocurrencies for...more
Two businessmen have been convicted in U.S. District Court for the Southern District of New York of helping a California-based cannabis company avoid bank flags for illegal cannabis-related transactions. A New York jury found...more
As a result of COVID-19, many businesses are leery of handling cash, credit cards, or debit cards, and consumers feel concerned about using paper money and coins. It is therefore unsurprising that a byproduct of the COVID-19...more
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized...more
Servicemembers’ Civil Relief Act - What You Need to Know - Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more
Big Friday win for Apple in its ongoing battle with Epic Games, as N.D. Cal. Federal Judge Yvonne Gonzalez Rogers ruled that Cook & Co. didn’t “need to reinstate the popular video game Fortnite in its App Store,” a blow to...more
California has sued ride-hailing companies Uber and Lyft over alleged violations of a new state law that requires companies to treat gig workers as employees “if they control how workers perform tasks or if the work is a...more
The US and China have reportedly reached an initial agreement on the “final terms of a phase one trade deal, moving both countries closer to signing a pact that” the White House originally announced in October and averting...more
After six years of deliberation, the Federal Reserve announced on Monday that it will develop a new interbank real-time gross settlement (RTGS) system. The Fed expects the system, called FedNow, to be operational in 2023 or...more
Amidst all of that Black Friday and general holiday craziness, the White House released a blockbuster report issued by a collection of 13 federal agencies on Friday warning that, if left unchecked, global climate change could...more
On February 27, 2018, the Federal Trade Commission (FTC) announced that it had reached an agreement with PayPal to settle allegations that its peer-to-peer payment service, Venmo, engaged in deceptive acts and practices and...more
The Federal Trade Commission (FTC) reached a deal with PayPal, Inc., settling charges that the company violated Section 5 of the Federal Trade Commission Act by misleading consumers about the extent to which they could...more
Earlier this week, the Federal Trade Commission (“FTC”) announced a settlement with PayPal, Inc. over allegations that Venmo, a PayPal-owned mobile payment and social networking application, misled customers on issues...more
Representatives of the US’s biggest stock exchanges have questioned the SEC’s plan to change how markets work by altering the current “maker-taker” system and imposing new transparency and conflict-of-interest rules on...more