Venmo, PayPal and Zelle must report $600+ in transactions to IRS

[Lennie]

Venmo, PayPal and Zelle must report $600+ in transactions to IRS

Starting Jan. 1, mobile money apps like Venmo, PayPal and Cash App must report annual commercial transactions of $600 or more to the Internal Revenue Service.

www.nbcnews.com

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[Dungannon]

I know of an organization that got around similar government rules by billing multiple invoices of $599

 

[titsonritz]

I know of an organization that got around similar government rules by billing multiple invoices of $599

$600 per year.

 

[Barefootdog]

85,000 new IRS agents will not be deployed against the wealthy.....there are nowhere near enough wealthy US citizens.

They will be used against the middle class and political enemies.....as did Hussein Obama.

Current IRS employee total was 74,454 a few months ago.....adding 85,000 will more than double the number of employees to nearly 160,000.

 

[Alexx1401]

85,000 new IRS agents will not be deployed against the wealthy.....there are nowhere near enough wealthy US citizens.

They will be used against the middle class and political enemies.....as did Hussein Obama.

Current IRS employee total was 74,454 a few months ago.....adding 85,000 will more than double the number of employees to nearly 160,000.

Again this is what MANY voted for so I hope they enjoy it. You are correct that these new employee's are not there for the over the top wealthy. Those people if angered, can help law makers lose their jobs. So they get protections. The new employee's job will be to spread fear among those who do not have the unlimited cash to hire tax lawyers to fight.

 

[bolus]

Do what the rich do. Get some investments. Take out a loan using investments for collateral. Use the loan money to live and then take out new loans to pay off the old loans. Then never cash out your investments. No income. no taxes.

 

[Barefootdog]

Obviously you were never familiar with the estate of a person of wealth (even moderate wealth) who died. How many bites of the apple do you think the government leeches deserve?

Envy and greed are two of the 7 deadly sins.

 

[72scoutman]

Just so you know your local financial institution does the exact same thing. Good luck getting around it.

 

[mrblond]

Obviously you were never familiar with the estate of a person of wealth (even moderate wealth) who died. How many bites of the apple do you think the government leeches deserve?

Envy and greed are two of the 7 deadly sins.

the .gov is only half of it.. the lawyers are the other half.

 

[Dungannon]

85,000 new IRS agents will not be deployed against the wealthy...

Garage sales are next.

 

[The Heretic]

Does Zelle® report how much money I receive to the IRS?

Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.

www.zellepay.com

The answer: no