Work Shift: Here’s how to Get Ready for New Venmo Tax Rules

Arianne here, your designated driver for today’s Work Shift newsletter. If you’re not yet signed up to receive this weekly career love-bomb, you can do so here. As always, you can find me at acohen366@bloomberg.net.

The Internal Revenue Service has delayed its plan to crack down on billions of taxable income dollars that go unreported via payments on apps like Venmo and PayPal. When it takes effect, this effort will result in an avalanche of 1099-K tax forms for people using these services to collect payments for their businesses, but also for all the folks reimbursing each other for personal expenses and selling old belongings on EBay or Craigslist.