I tried searching for this in the forums with no luck so I'm sorry if this is already being discussed.
Apparently Venmo/Paypal/Zelle are all going to have to report any accounts that have over $600/year payed to them commercially. The article makes it sound like the only way to avoid this distinction is to use Friends and Family. As a buyer that needed purchase protection to get money back last summer this sounds like it could become an issue for the community. I'm sure plenty of sellers on here have already racked up more than that in sales this year.
So am I reading it wrong or is this going to be an issue for quite a few people on here?
https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260
Apparently Venmo/Paypal/Zelle are all going to have to report any accounts that have over $600/year payed to them commercially. The article makes it sound like the only way to avoid this distinction is to use Friends and Family. As a buyer that needed purchase protection to get money back last summer this sounds like it could become an issue for the community. I'm sure plenty of sellers on here have already racked up more than that in sales this year.
So am I reading it wrong or is this going to be an issue for quite a few people on here?
https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260