News for hackers. Stuff that matters.

A comment on Venmo, PayPal and Zelle must report $600 in transactions to IRS. Parent comment

Re:Venmo, PayPal and Zelle must report $600 in transactions ... by MattGaiser on Tuesday January 18, 2022 @12:00PM (#29982010)
The services don't seem too concerned about small businesses abusing the friend to friend options for their own purposes, so I can easily see it being the latter.
[ Parent | on HN ]
Re:Venmo, PayPal and Zelle must report $600 in transactions ... by ketzo on Tuesday January 18, 2022 @12:35PM (#29982632)
Venmo, at least, is absolutely concerned about it. The app really tries to get you to flag payments as "business" any time you're paying someone.
[ Parent | on HN ]
Re:Venmo, PayPal and Zelle must report $600 in transactions ... by voakbasda on Tuesday January 18, 2022 @01:01PM (#29983060)
If you pay someone as a business, they eat the transaction fees. If they have you pay as a “friend”, then the customer pays additional fees, increasing the total cost of the transaction. Any business doing that is breaking the terms of use. I can imagine it only a matter of time until they start suspending customer accounts for not flagging such transactions.
[ Parent | on HN ]