Pay Pal going wild with 1099 K forms.

[fredo777]

Just got off the phone with PayPal and the IRS.
Like some of you the pools I run year round and played in were paid through Pay Pal.
I always made a note of it to tell the players to check the box family and friends.
Just as the other pool hosts on here.
Even if the box was checked doesn't mean they won't try to squeeze you.
I did more research and it seems Zelle payments through banking will not fall under all this bullshit.
So whatever platform your using be very careful on receiving money. Take the time to do the research.
I plan on having a NFL Confidence pool again but payments will go through Zelle or my checking account.
Good luck.

 

[Willie99]

Use Zelle people

 

[cy1981]

Use Zelle people

Neither of my banks are set up to use Zelle. There's nothing I can do.

 

[Willie99]

Neither of my banks are set up to use Zelle. There's nothing I can do.

Fucking fly over country

 

[fredo777]

Use Zelle people

Exactly. The thing is some people don't trust PayPal or Zelle. Option 2 is personal check which I have accepted over the years.

 

[G-Man!]

Bidens could have used some advice for the 50 million from adversaries...LOL

 

[fredo777]

New tax rule on apps like Venmo, PayPal could spell confusion for small businesses

Starting next year, a new IRS rule will require anyone who earned over $600 on payment apps in 2023 to file a 1099-K form.

www.cbsnews.com

 

[Jack1999]

New tax rule on apps like Venmo, PayPal could spell confusion for small businesses

Starting next year, a new IRS rule will require anyone who earned over $600 on payment apps in 2023 to file a 1099-K form.

www.cbsnews.com

IRS reversed course. at least for 2024. back to 20K for business transactions only I believe.

 

[fredo777]

IRS reversed course. at least for 2024. back to 20K for business transactions only I believe.

That's great news.
Thanks Jack.

 

[Willie99]

Once the new laws do take effect, it's going to take the IRS a decade to figure out how to use the data. At this point, they can’t even figure out how to accept the data.

The worst thing I see happening with this is; If you're substantially underreporting income and using some sort if financial institution, then they're going to have a path to find you. And I'm talking six figures here, not a few hundred or even 20k

Another problem I see is that taxpayers and tax professionals will be answering unnecessary questions chasing our tails.

Speculation on my part, based upon experience