I read on Facebook that it passed and banks will now tell the government every time you withdrawal or deposit $600 or more.
Called my bank and nobody knew.

No, discussion on it died on the vine last year. Wasn't going to make it through Senate..

its the rule now......paypal and venmo etc are gonna hurt


https://www.foxbusiness.com/money/venmo-paypal-cash-app-report-payments-irs

Good lord help us

It's separate legislation. The all transactions over $600 did not gain any footing. The new law applies to business transactions through payment providers. You are already required to report income over $600 via a 1099. This is another step to "help catch the cheaters". It's a foot in the door which is never good. Privacy is being eroded one step at a time. more governmet intrusion is never good.

Ftf cash deals or mail check and wait to clear. No big deal.

My ex GF cant figure out her PayPal login, I am going to sporadically send her a total of 601.00 under 1099 over next year, without her acknowledgment (she got frustrated and all emails go to her spam)

If she gets fined 30 bucks in late penalties, I dont care, worth it.

How much will get her jail time?

Gotta be able to tax everything to pay for all that "free" stuff they're handing out

It is now the rule for business accounts on PayPal, Venmo etc. It's also not for $600+ transactions, but $600+ in transactions for the calendar year.

I've had to 1099 anyone that does work for me and makes over $600 for years. Suck it up buttercup.

does this include ZELLE?

That's understandable. I think the interesting part of this will be how friends/family transfer money using PayPal or Venmo. $600 ain't much if you're splitting dinners between families of 5-8 several times a year. To get a 1099 on that will be laughable

It is only for goods and services. If you are paying someone back or reimbursing someone (ie rent, meals etc) those are not reported.

I'll believe it when I see it. The door is open, and a lot of folks don't choose the goods and services option on PayPal or Venmo

Well this sucks. Looks like will not be taking online payments for the shooting matches anymore. We pay almost all the money back out to the shooters and I will not be paying taxes on that. Guess Cash is king again.

I listed a trailer on FB this week and a notice popped up about how they "changed how they report taxes". What the??? Since when do they report anything about anyone and to who are they reporting to. I will now post everything for free with a required love donation of $2000 or whatever it is. lol

I don't think it is going to be reported through the banks, they are still trying, but for now it has been stopped. However, the Fintech companies (Paypal. Venmo, Zeille, etc...) have to do the reporting.

I am trying to wrap my hands around this and am somewhat disappointed by the posts I see. What do all you good people have to fear? Rules are rules. What is wrong with trying to find cheaters not willing to pay their fair share?

Surely you jest!

Don't want to send this to the bunker but unless this applies to the 12th Congressional District of California congresswoman also, they can pound sand.

Reporting is for business accounts, not personal ones dipsticks.

“ Beginning this year, third-party payment processors will be required to report a user's business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year.”

Hey Turkey, how do they know if you're a business or not? Juan Valdez gets $500 a month in his Venmo account...are they personal transactions or is he collecting for a service he provides? Maybe this helps answer it for Hud too.

Here is a good explanation. But there’s nothing like good old cash.

https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered

https://www.theguardian.com/business/2022/jan/02/new-tax-rule-paypal-venmo-cash-app