Originally set to kick off at the beginning of 2022, the IRS planned to implement a new reporting rule that would require third-party payment apps, like PayPal, Venmo or Cash App to report income of over $600 or more per year to the tax agency. The IRS delayed this new reporting requirement in 2022 and again in 2023.

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.

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

PayPal Holdings, Inc. (NASDAQ:PYPL), a leading technology platform and digital payments company with a market capitalization of $88.4 billion, finds itself at a critical juncture as it navigates a rapidly evolving competitive landscape and implements strategic initiatives to drive future growth.

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.

However, there is one change that will affect a lot of Americans who use payment apps like PayPal and Venmo. In November of 2024, the IRS released an outline for how these payments will be treated ...

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