The Internal Revenue Service (IRS) requires all payment processors in the United States, including Venmo, to provide information to the IRS about certain customers who receive payments for the sale of goods or services through Venmo.
Our parent company, PayPal, processes all tax servicing and documentation (including forms like a 1099-K) for business profiles on Venmo. If you have questions about taxes and reporting, be sure to visit PayPal’s Tax Center for detailed information.
If your business profile exceeds the reporting thresholds set by the IRS ($20,000 USD and 200 transactions), you’ll be asked to confirm your U.S. taxpayer status and to provide your U.S. taxpayer identification number (SSN, EIN, ITIN) and name. When you need to confirm your U.S. taxpayer status, we’ll let you know by email and by notifications that you’ll see when you log in to your Venmo account. Click the link provided in the email or in the notification and enter the requested information. If you haven’t confirmed your U.S. taxpayer status and your account activity approaches the IRS reporting thresholds, restrictions will be placed on your business profile. To remove these restrictions, follow the prompts in your email and notifications.
For more information about acceptable use of your business profile on Venmo, please review the Venmo User Agreement.
If there’s a problem with a purchase, whether you’re the business or the customer, please reach out to the other party in the transaction first. They should be able to assist further.
If you’re not able to come to a resolution with the business or the customer, feel free to reach out to Venmo’s Support team at email@example.com. Certain purchases for goods and services from business profiles are eligible for our Venmo Purchase Program. More details can be found in our user agreement.