So should you be concerned that big brother is watching your every money move?
Many users are now worried that their transactions will be reported to the IRS.
On Reddit forums, one poster said, "Time to squeeze the little guy dry some more."
Another user said, "Do I have to report every Venmo transaction between roommates?"
But CNBC says, "No, the IRS isn't taxing your Venmo transactions."
It says a new law that took effect January 1 applies to small businesses to make sure they pay their fair share of taxes.
So no, the IRS is not taxing transactions between family or friends, which is how most people use Venmo and Zelle.
Who does the new law apply to?
It does apply to people who receive commercial payments through Zelle or Venmo, such as for gig jobs or for big sellers on eBay.
That will get confusing for some people.
The good news is that if you are impacted, you will now get a 1099 form from the payment app to explain exactly what is being reported to the IRS.
Bottom line — for most Zelle, Venmo, and Cash App users, there is really no change. So don't waste your money.