University of St. Thomas Finance Professor David Vang recently spoke with Fox 9 about the new regulations that the IRS will implement for third-party payment apps like Venmo and PayPal, and provided important recommendations to users.
From the story:
University of St. Thomas Finance Professor David Vang suggests keeping track of receipts and setting up separate accounts for personal transactions and business transactions, in case you need to provide proof to the IRS.
“It’s worth the effort to set up a separate account,” said Vang. “If you’re selling property – a piece of furniture or something – do it on your personal account, and make your business account separate.”