Results 1 to 15 of 51

Thread: Payments via PayPal, Venmo and Zelle

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Join Date
    Oct 2007
    Central KY

    Payments via PayPal, Venmo and Zelle

    Everyone should be aware of the new provisions included in the American Rescue Plan Act. Payment credit, debit, and third-party payment networks like PayPal and Venmo are required to report to the IRS on Form 1099-K any annual accumulation of payments received of $600 or more. These provisions were delayed until 2023. Payments to Family and Friends are supposedly not reported by PayPal, however, as noted in the Classified rules for SMC, such payments for goods and services transacted using Friends and Family probably violate the PayPal agreement.

    According to Zelle, their service is not impacted by the legislation.

    My purpose in posting this is NOT to debate the legality, appropriateness, nor the specifics of the legislation, nor the PayPal rules on how to handle transactions that may occur by use of this Classified forum. It is simply to alert everyone to research this legislation for you own purposes.
    Last edited by John Keeton; 02-01-2023 at 9:31 AM.

    Left click my name for homepage link.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts