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Recently, TikTok users have been gaining traction with the idea that people shouldn't feel guilty about paying for their own food and not splitting the check. Diners say splitting the bill can be unfairSome of the recent bill-splitting discourse posts are grouped under the hashtag "groupdinner," which has 9.6 million views. splitting the bill. AdvertisementIn sticking to etiquette norms when paying for one's own meal, it's crucial that guests repay their portion promptly. More than anything, communication between the hosts and guests is essential and can help thwart nightmare bill-splitting mishaps like the ones described in the viral TikTok videos.
Persons: , @finegalnopimple, TikToker @remiandryan, Nick Leighton, fleeced, Leighton, OnePoll, It's, it'll, it's Organizations: Service, Business, Louisiana Federal Credit Union, New York Times, Forbes Locations: Dutch, Louisiana
The best way to avoid identity theft is to be aware of common scams and their tell-tale signs. Online account tax scamsThe Internal Revenue Service has come out with guidance on this particular scam. It involves scammers who try to sell or offer help with setting up an online account with irs.gov , and it can subject your personal and tax information to identity theft. Make sure that any online tax account that you open begins at irs.gov. The most common one involves the supposed employer sending you a fake money order or fake company check to deposit into your bank account.
Persons: , scammers Organizations: Service, Federal Trade Commission, FINRA Investor Education Foundation, Revenue Service, IRS, Valentine's Locations: irs.gov
CNN —Venmo, Cash App, PayPal, Zelle and other payment apps may be convenient ways to send cash with a few taps of your smartphone, but they’re a breeding grounds for theft, Manhattan District Attorney Alvin Bragg tells CNN. Bragg says he’s seen so many instances of criminals using payment apps as a crime of opportunity. The passenger would ask to put in a new address into the Lyft driver’s phone and once inside, they would transfer the in-app earnings to their own bank accounts using Cash App, the records show. Once in custody, investigators found that the pair has sent themselves $1,749 using Cash App, the records show. Bragg said his team has been trying to get the word out in recent years and have heard from victims who never came forward during outreach campaigns about cash app thefts.
Persons: CNN —, Attorney Alvin Bragg, swindlers, Bragg, Sen, Elizabeth Warren’s, , ” Bragg, Zelle, he’s, It’s, Organizations: CNN, PayPal, Attorney, Consumer Financial Locations: Manhattan, New York, Zelle, Los Angeles, Boston
While there are some exceptions of course, for me and for so many others, it usually comes down to worthiness. We're not simply "too stupid" to miss red flags, and we don't secretly hate ourselves or love people treating us like replaceable human garbage. And, "Who are we to judge someone else's characteristics just because they don't align with what we're looking for? Maybe if I did all of these things, then I would finally be ready for — and worthy of — love. AdvertisementExcerpted from "You're Not the Only One F*cking Up: Breaking the Endless Cycle of Dating Mistakes" by Lane Moore.
Persons: It's, We're, Gwyneth Paltrow, I'm, , Lane Moore Organizations: Everand
Once the new "love interest" gains your trust, they may claim that someone close to them is sick, hurt or in jail. Another frequent lie from an online "love interest" is an offer to help invest in cryptocurrency. How to avoid romance scams: Talk to friends or family about a new love interest and pay attention if they're concerned. Don't share with a love interest any personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity. Employment scamsBusiness and job-related scams are another top category of financial fraud, and with companies laying off workers, these schemes are likely to continue in 2024.
Persons: , Fraudsters, General Merrick B, Garland, Michael Bruemmer, Ted Rossman, you've, they've, it's Organizations: Istock, Getty, U.S, CNBC, FTC, cryptocurrency Locations: cryptocurrency
Noah, a 19-year-old who goes to college in Illinois, uses sports betting to keep up with his friends from high school. The expansion of legal sports betting in the US has fueled a widespread culture of gambling on college campuses, as savvy students find betting alternatives and workarounds for age limits and state restrictions. Many sports-loving college students like Marcus and Noah casually use fantasy gaming, sweepstakes, and betting to make and maintain friendships. BI spoke with seven college students and three researchers to learn more about what sports betting looks like on campuses. A culture of sports betting sustains friendshipsSince the expansion of legalization, sports betting and gaming have exploded on college campuses largely through word of mouth.
Persons: Marcus didn't, Marcus, Fliff, isn't, it's, — Marcus, they'd, Marcus isn't, Noah, Andrew, they've, Dr, Timothy Fong, Fong, Miles, Chris, hasn't, wasn't, he'd, that's, FanDuel, Jason Miyares, Fliff's, Cash, bettors, I'm, there's, It's, Jeffrey Derevensky, McGill, haven't, Derevensky Organizations: NFL, Business, Sports, ESPN Bet, Super, Sunday, Caesars, ESPN, Iowa State Locations: Virginia, Cancún, Mexico, Illinois, Venmo, Minnesota, California, New York , Florida , Maine, Michigan, Maryland, Florida, New York, Iowa
Barbara Furlow-Smiles attends the 2020 Sisters' Awards at Skirball Cultural Center in Los Angeles on March 8, 2020. A former global diversity strategist at Facebook pled guilty to wire fraud after stealing more than $4 million from the social media giant "to fund a lavish lifestyle" in California and Georgia, federal prosecutors said. In some instances, Furlow-Smiles had Facebook pay people who did not give her kickbacks, in one case directing $10,000 to an artist for specialty portraits, and more than $18,000 to a preschool for tuition, prosecutors said. As part of the scheme, Furlow-Smiles linked PayPal, Venmo and Cash App accounts to her Facebook credit cards and used those accounts to pay friends, relatives and other associates for goods and services purportedly provided to Facebook. Furlow-Smiles, who was not Facebook's top DEI executive, pled guilty in Atlanta federal court on Monday.
Persons: Barbara Furlow, Smiles, Furlow, Ryan Buchanan, Meta, Lance Clarke Organizations: Attorney's, Facebook Diversity, Equity, Facebook, PayPal, . U.S, Meta, CNBC, CNBC PRO Locations: Los Angeles, Atlanta, California, Georgia, .
How to send a digital gift card on Amazon, Venmo or Cash App
  + stars: | 2023-12-05 | by ( Jake Piazza | In | ) www.cnbc.com   time to read: +1 min
It's easy to give a digital gift card that can save you in a pinch. Many of the popular money transfer services let you send cash to anyone you choose. You can use those platforms to send a digital gift card for popular vendors such as Starbucks , Lululemon and Nordstrom . Instead of sending $20 in cash on PayPal -owned Venmo, I sent him a $20 Chipotle gift card through Venmo. Here's how to send a digital gift card if you feel the same way.
Organizations: Nordstrom, Bank of America, PayPal
However, you may still owe taxes if you made a profit on resold Taylor Swift tickets, experts say. While third-party payment apps won't report as many business transactions to the agency this year, you are still required to pay taxes on profits, including resold concert tickets. "The big thing this past year was selling Taylor Swift concert tickets," said certified financial planner Tommy Lucas, an enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. 'If you want to follow the law ... report it'Ticket profits have always been taxable, and this may affect those who resold Taylor Swift concert tickets this summer. Keep copies of your purchase receipts for goods you later resell, such as those Taylor Swift tickets, since tax liability will be based on your sales proceeds minus the original purchase price.
Persons: Taylor Swift, Buda Mendes, tas23, Tommy Lucas, Moisand Fitzgerald Tamayo, Swift, Taylor, Lucas, James Guarino, Baker Newman Noyes, it's, Albert Campo Organizations: Getty, IRS, PayPal, TicketMaster, Accounting Services, CNBC Locations: Orlando , Florida, Boston, New Jersey
The IRS’s Act of $600 Mercy
  + stars: | 2023-11-22 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Journal Editorial Report: The week’s best and worst from Kim Strassel, Kyle Peterson, Mary O'Grady and Dan Henninger. Images: AP/AFP/Getty Images/Reuters/Zuma Press Composite: Mark KellyWhile rarely a bearer of good news, the Internal Revenue Service on Tuesday postponed a $600 reporting threshold for payments received via online platforms such as Venmo, eBay and Airbnb . The IRS is doing a favor for itself and President Biden as much as it is for Americans. Readers may recall that the American Rescue Plan Act in March 2021 lowered the threshold for third parties reporting transactions on Form 1099-K to $600 annually from $20,000. Democrats’ goal was to nab Americans who allegedly dodge taxes by failing to report income earned from, say, driving for Uber or renting out second homes on Airbnb.
Persons: Kim Strassel, Kyle Peterson, Mary O'Grady, Dan Henninger, Mark Kelly, Biden, Organizations: Getty, Zuma, Internal Revenue Service, eBay, IRS, American, nab Locations: Airbnb
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS delays rule on income received over PayPal, Venmo, othersCNBC's Robert Frank joins 'Squawk Box' with the latest news on the IRS.
Persons: Venmo, Robert Frank Organizations: PayPal
IRS Delays Tax Rule for Online Sellers—Again
  + stars: | 2023-11-21 | by ( Ashlea Ebeling | Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS again postponed enforcement of a law requiring e-commerce platforms like eBay to send the agency information about users earning more than $600 in revenue a year. Photo Illustration: Budrul Chukrut/SOPA Images/Getty ImagesThe Internal Revenue Service offered a surprise paperwork reprieve to millions of Americans as tax-filing season nears, delaying a new requirement affecting people who sell stuff on eBay , resell concert tickets, and use payment processors such as Venmo. For the second straight year, the IRS postponed enforcement of a law that requires those e-commerce and payment platforms to send the agency information about many users who receive more than $600 in revenue a year.
Persons: Budrul Chukrut Organizations: IRS, eBay, Internal Revenue Service
The change might have resulted in 44 million more 1099-K forms being sent in January to such filers, including small business owners, freelancers, those with side hustles and gig workers. Regardless of delay or rule change, your tax obligations remain the sameNeither the delay of the rule change nor the eventual implementation of it will change your tax burden in any way. That’s because you have always been obligated as a taxpayer to report the money you make from your business activities to the IRS. The difference once the rule change goes into effect is that the IRS will be learning about your business income from a third party payment platform. And the change will effectively pull back the curtain on just how much business income is being generated on third-party payment platforms.
Persons: , , Danny Werfel, , Sherrod Brown of, Bill Cassidy, Biden, Arshi Siddiqui, Akin Gump, they’re Organizations: New, New York CNN, IRS, American, The Coalition, Electronic Transactions, Airbnb, PayPal, Democratic, Ks Locations: New York, Poshmark, Sherrod Brown of Ohio, Louisiana
For the second time in a year, the Internal Revenue Service is delaying enforcement of a contentious tax policy that would require users of digital wallets and e-commerce platforms to start reporting small transactions to the tax collection agency. said on Tuesday that it would slowly phase in the new policy, which would require individuals and small businesses to report digital transactions of as little as $600 to the federal government. The new reporting requirement was supposed to take effect late last year, but the Biden administration abruptly postponed it following pressure from lobbyists and backlash from users of services such as Venmo, PayPal, Cash App, StubHub and Etsy. The head of the Internal Revenue Service said the decision to delay the rule again stemmed from concern of higher tax bills among those who used digital wallets.
Persons: Biden Organizations: Internal Revenue Service, PayPal
If you received business payments via apps such as PayPal or Venmo or e-commerce companies such as eBay , Etsy or Poshmark in 2023, your tax return may now be a little less complicated. The IRS announced Tuesday that 2023 would be a "transition year" for a new tax reporting requirement affecting such payments. Once in place, it will trigger Form 1099-K for just $600 in payments, even if that income stemmed from a single business transaction. For 2023, the old limit of more than 200 transactions worth an aggregate above $20,000 will remain in place. The agency said it also plans on updates for Form 1040, which is used by taxpayers to file individual income tax returns, and related schedules, to "make the reporting process easier."
Persons: aren't, Danny Werfel Organizations: PayPal, eBay, IRS, Finance
Jermaine Amado started living part time in Lisbon after meeting his girlfriend there in 2017. He was lonely in Portugal when his girlfriend was at work, and photography gear was more expensive. In 2017, I started traveling around the world because I wanted to find a place to move outside Denver after my divorce. I had a great time there, and while I was exploring, I went on a free walking tour and saw this tour guide. AdvertisementMy time living partly in Portugal ended in 2020My relationship and my time in Portugal ended after three years, but I have no regrets.
Persons: Jermaine Amado, , Jermaine Amado I'm, I'd, I'm, There's, — it's, Venmo Organizations: Service, Denver Locations: Lisbon, Portugal, Denver, Taiwan, Holi, India, Colorado, Mexico
“We do not prohibit people in this industry from having personal bank accounts with us,” she added. One of the risks associated with sex work is money laundering and human trafficking, where victims, mostly women, are forced or coerced to engage in commercial sex acts. Many banks and other financial platforms avoid doing business with these industries altogether. “That is the problem we have — trying to recognize potential human trafficking that we would have to report.”Beyond banks, many financial services apps have blanket bans, which state they won’t process any transactions related to adult content or services. CashApp — which, like Square, is owned by Block — lists “selling adult content and services” on its “not allowed” list.
Persons: Trish Wexler, Chase, , Organizations: Treasury, PayPal, Block Locations: OnlyFans
A New Yorker rented out their spare bedroom on Airbnb for years, bringing in up to $4,000 a month. Under NYC's new short-term-rental rules, they didn't qualify for a license but are still renting. But the ban is a slap in the face to people like me. I got a notification this summer in the Airbnb profile that I had to apply for a license by September 5. I still have it listed on Airbnb for month-long stays, but short-term stays are how you make money.
Persons: , it's, I've, Airbnb, I'm, That's Organizations: Yorker, Service, New, New York City, Craigslist Locations: New York, New York City, California
The new Venmo Groups feature gives users the ability to track and split ongoing group expenses, making it easier to figure out who owes who what. A group can have up to 30 members, letting both couples keep track of groceries and large soccer teams organize group fees. Venmo’s newest feature, Venmo Groups, helps users track, manage and settle group expenses. Courtesy PayPalVenmo Groups is the company’s response to smaller apps like SplitWise and SettleUp, existing options for those looking to do exactly what Venmo Groups now offers. Instead, users can opt to connect their Venmo or PayPal accounts with Splitwise, creating an extra step that Venmo Groups eliminates.
Persons: CNN — Venmo, Venmo, Erika Sanchez, , SplitWise, Splitwise, , Rohit Chopra, CNN’s Chris Isidore Organizations: CNN, Groups, PayPal, Consumer Financial Protection Bureau, Big Tech
Payments-app war drags banks into discomfort zone
  + stars: | 2023-11-14 | by ( John Foley | ) www.reuters.com   time to read: +4 min
NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break. Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N). If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank. From next year its banks will have to reimburse victims of online payment deceit. Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.
Persons: Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson Locations: Zelle, Britain, Wells Fargo
Federal rules require banks to reimburse customers for payments made without their authorization, such as by hackers, but not when customers themselves make the transfer. Following its launch in 2017, Zelle grew to become one of the largest U.S. peer-to-peer payments networks by total payments. A March 2022 New York Times report that scams were flourishing on Zelle caught the attention of lawmakers frequently critical of big banks, including Senator Elizabeth Warren. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details. Chance said EWS has been engaging with policymakers on the need for a "holistic approach" to combating scams, including advocating for more dedicated law enforcement resources.
Persons: Jamie Dimon, Jane Fraser, Brian Moynihan, Banks, Ben Chance, Zelle, Elizabeth Warren, Warren, Dimon, EWS, Chance, , Trace, Carla Sanchez, Adams, we're, Lindsey Johnson, Hannah Lang, Chris Prentice, Michelle Price, Rod Nickel Organizations: JPMorgan Chase, Citigroup, Bank of America, Banking, Housing, Urban Affairs, Capitol, Warning, Reuters, Federal, JPMorgan, New York Times, Federal Trade Commission, Consumer Financial Protection Bureau, PayPal, National Consumer Law, Consumer Bankers Association, Thomson Locations: Zelle, U.S, Warren, Washington, New York
Gen Z is the most financially savvy generation
  + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com   time to read: +12 min
AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.
Persons: Gen, Gen Zers, Gen Xers, Zers, It's, , they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock
We are actually going to be looking at this in the very early days of generative AI. casey newtonYeah, this feels like one of the big questions in AI right now. rebecca tushnetSo I see why you say that’s strange, but in fact, it’s exactly how you would make a general-purpose tool. But now, finally, along come these new technologies to take them down a peg, and they’re actually going to have to work for a living. So maybe they’re slapping, like, AI sort of things around the stories that they’re aggregating.
Persons: kevin roose Casey, casey newton What’s, kevin roose, casey newton Dots, casey newton, they’re, kevin roose —, casey newton Dot, CASEY, Biden, Mr, kevin roose I’m Kevin Russo, ” casey newton, Casey Newton, Rebecca Tushnet, casey newton Kevin, I’d, Rachel, kevin roose Aw, Harry Potter, kevin roose Wow, SpongeBob, Chuck Schumer, let’s, it’s, Claude, kevin roose Totally, casey newton Yes, Yann LeCun, It’s, you’re, you’ve, Sam Altman, Dario Amodei, kevin roose I’ve, Arati Prabhakar, arati prabhakar, Ben Buchanan, ben buchanan, casey newton Well, Dodd, Frank, I’m, kevin roose Will, You’ve, kevin roose God, kevin roose Hey, Casey, we’ve, Sarah Anderson, who’s, Emad Mostaque, Anderson, weren’t, Kevin, — casey newton, ” rebecca tushnet, rebecca tushnet, that’s, there’s, casey newton Right, I’ve, “ Barbie, “ Barbie ”, Sarah Anderson’s, rebecca tushnet It’s, Barbie, casey newton I’m, Rebecca, Westlaw, we’re, Cory Doctorow, what’s, casey newton Um, Pattie, it’s minty, Patties, Let’s, casey newton No, it’ll, casey newton That’s, KEVIN, “ Joe Biden, , Bruce Reed, Joe Biden, ” ‘, Reed, Camp David, Biden’s, , kevin roose Jack, Jack, , Lily James, kevin roose Oh, kevin roose Ugh, kevin roose Horrible, kevin roose “ Cruise, ” “ Cruise, They’re, haven’t, casey newton Close, kevin roose It’s, Guy, casey newton I’ve, Newton Organizations: Target, Opera, The New York Times, White, White House, casey newton People, Google, casey, Science, Technology, Defense Department, Biden White House, Communications, Department of Commerce, European Union, Harvard Law, Midjourney, Copyright, Stability, Harvard Law School, Associated Press, Adobe, Starbucks, Disney, YouTube, Stetson, Media, Biden, NVIDIA, Variety, Staff, Associated, Microsoft, Guardian, General Motors, Cruise, House Locations: Washington, Bikini, Valley, OpenAI, Anthropic, Silicon Valley, Europe, America, York, They’re, Camp, Sydney, United States, California, Austin , Texas, Phoenix, Dallas , Houston, Miami, San Francisco, Franciscans
Schedule C is a tax form for self-employed people to report business income. You do so on a tax form called Schedule C.See Insider's picks for the best tax software >>Here's what to know about Schedule C and its filing requirements. What is the Schedule C tax form? Schedule C is a form that self-employed people have to file alongside their tax return, or Form 1040. Schedule C frequently asked questionsDo I have to file a Schedule C?
Persons: It's, , Kristine Stevenson Seale, Seale, Mark Luscombe Organizations: Service, CPA, Wolters Kluwer, Accounting, NEC, IRS, Insurance Locations: Austin , Texas
Texas became the latest state to repeal tax on period products by passing a bill that went into effect September 1, 2023. So the idea of a tampon tax is kind of a misnomer,” said Loughead. The sales tax on period products is only one part of a multi-faceted challenge for consumers who need them, advocacy groups said. “The end goal Is that we take down the tampon tax. When I started this work, the tampon tax was in 40 states and now it’s in 21.
Persons: Cora, Lola, Rael, Flo, Saalt, , Nadya Okamoto, Okamoto, , ” Okamoto, Katherine Loughead, ” Loughead, Troy Moore, Moore, It’s Organizations: New, New York CNN, Coalition, Paypal, CVS, Target, Tax Foundation, Washington DC, National, Bank Locations: New York, Texas, Target, Washington, United States
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