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The interesting thing is that to use Zelle, you have to have an account at a participating bank (which did stronger KYC on you when you opened your account, as
by bmarquez 5y ago
The interesting thing is that to use Zelle, you have to have an account at a participating bank (which did stronger KYC on you when you opened your account, as opposed to Paypal/Venmo). So there wouldn't be a need to issue 1099s when authorities can contact the bank directly.
Also, I would rather trust my bank than PayPal when it comes to giving out my ID or SSN. Zelle will probably become more popular in the future.
- conductr 5y ago> So there wouldn't be a need to issue 1099s when authorities can contact the bank directly. It's so the taxpayer is aware of what to report on their taxes and is aware of what is already being communicated. Just like a W2 employee get's a W2 so they can do their taxes. It's already been communicated to the government. As a taxpayer in our system, these documents basically serve to say "this is what the IRS knows already. When you file your taxes, you probably want to do so in a way that they can make sense of and sufficiently validates your tax payment as accurate"
- TMWNN 5y ago>Also, I would rather trust my bank than PayPal when it comes to giving out my ID or SSN. Zelle will probably become more popular in the future. I've switched to Zelle from Venmo for Craigslist sales, not because of this issue but because Venmo now charges a fee even when using my personal account.