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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 roody15 on Tuesday January 18, 2022 @01:02PM (#29983073)
Just configure into an LLC? How much does this cost with attorney fees and filing ?

Not a trivial amount especially for people making some money on side.

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Re:Venmo, PayPal and Zelle must report $600 in transactions ... by throwawayboise on Tuesday January 18, 2022 @01:43PM (#29983760)
In my state forming an LLC is an online filing that takes 5 minutes and costs almost nothing. Getting an IRS EIN is similar.

Now, to structure it properly with all the proper recordkeeping and documentation to ensure you really get the protection of an LLC when it matters, is another matter.

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Re:Venmo, PayPal and Zelle must report $600 in transactions ... by thehappypm on Tuesday January 18, 2022 @04:34PM (#29986240)
Yeah, and if you don’t want to do this, anything from Etsy is just regular ol’ income.
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