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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 pythonaut_16 on Tuesday January 18, 2022 @12:13PM (#29982238)
That would constitute tax fraud right? And intentionally bypassing the reporting built into the platform surely increases your culpability.

If you're doing a relatively low volume you might get away with it, but you are committing a crime.

[ Parent | on HN ]
Re:Venmo, PayPal and Zelle must report $600 in transactions ... by voakbasda on Tuesday January 18, 2022 @12:55PM (#29982941)
Not a crime, as long as they are reporting the income on their tax returns.

However, it is definitely against the terms of use and will get their accounts suspended. As PayPal has shown, they might also confiscate any money left in the accounts.

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Re:Venmo, PayPal and Zelle must report $600 in transactions ... by CheezeIt on Tuesday January 18, 2022 @12:49PM (#29982852)
They’re bypassing the fees, primarily, not the reporting.
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Re:Venmo, PayPal and Zelle must report $600 in transactions ... by wayoutthere on Tuesday January 18, 2022 @12:52PM (#29982889)
Or maybe the government should keep their grubby mitts off my money until they’re willing to go after the billionaire class. But the IRS only prosecuted about 1500 tax fraud cases last year, so you’re probably not going to jail. Enough stuff in this world is illegal that a little cash under the table is no big deal.
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