The Form 1099-K is meant to report income from payment apps (like Venmo or Paypal), as well as from online marketplaces or gift cards. Third-party payment services send this form to taxpayers who cross the reporting threshold and a copy goes to the IRS, as well.

The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals if they earned more than $20,000 in commercial payments

PayPal Holdings, Inc. (NASDAQ:PYPL) continues to navigate a rapidly evolving digital payments landscape, facing both opportunities and challenges as it seeks to maintain its position as a leading financial technology company.

Payment apps are now required to send payment information to the IRS. If you use these apps you may owe taxes this year.

JetBlue is the first airline to accept payments from the peer-to-peer payment app, which is owned by PayPal. Like Apple Pay, Google Pay, or PayPal itself, Venmo lets you complete a transaction without having to dig out your credit card or input your financial details into the website.

In an announcement last week, JetBlue says it's the first airline to accept payment for a plane ticket through Venmo. Many airlines already let you use PayPal (which owns Venmo), but this is the first airline partnership with the popular peer-to-peer payment platform.

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JetBlue marks the latest in a growing number of companies, including online merchants like Amazon and eBay and brick-and-mortar stores like CVS, that have started accepting Venmo as a payment method.

Venmo payment options are the latest announcement in a broader effort from JetBlue to enhance its services and boost profits. The struggling low-cost carrier has searched for new revenue streams as larger airlines introduce their own budget options, increasing competition for those flyers.

JetBlue announced this week that it will now accept Venmo payments, a first for the airline industry. The new arrangement has many advantages but also a few uncertainties, especially for travelers who live for their credit card’s bonus points.

In response to the devastating wildfires in Los Angeles, PayPal (NASDAQ: PYPL) and its customers have collectively raised $1.65