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The $600 reporting threshold has always been there (though I agree, it should be retroactively pinned to CPI from when it was introduced). Most banks through Ze
by thebradbain 4y ago
The $600 reporting threshold has always been there (though I agree, it should be retroactively pinned to CPI from when it was introduced). Most banks through Zelle previously would automatically submit all transaction history to the IRS anyways; After all, the IRS can absolutely track how much money is entering/leaving your account on a given month, which is how they’d flag you for an audit if things don’t add up to what you reported.
The only real “change” was that now Venmo/Cash App will be required to, too— and even that got delayed.
- notch898a 4y agoThat threshold has not always been there. Used to be 20k, but they had to lower it to catch the billionaires. https://www.wolterskluwer.com/en/expert-insights/irs-delays-implementing-the-1099-k-600-reporting-threshold-until-2023-to-the-relief-of-tax-pros https://www.wolterskluwer.com/en/expert-insights/irs-delays-...
- lilsoso 4y agoDoes this cover most payments over $600? They're now mostly all recorded? I don't understand the exceptions. So it applies to digital payment methods like Paypal, to payment networks like Western Union, but also to any credit card transaction over $600? edit: I think I was thinking of the payments in the wrong direction. The 1099-K applies primarily to the receiving party?