Venmo, PayPal and Zelle must report $600 in transactions to IRS

Re:Venmo, PayPal and Zelle must report $600 in transactions ... by throwaway532532 on Tuesday January 18, 2022 @01:36PM (#29983654)

I believe this is most likely going to hurt hair cutters, strippers (and similar sexy workers like ig models), others who get tips like valets, small time weed flippers.. These folks might get reported for higher amounts and not be able to write off expenses (easily or legally) and so will be easy targets/victims of this reporting.

Most Etsy sellers can write off some expenses for materials easily, and johnny mowing lawns can likely claim no need to file with total income below threshold, do those won't be worth much time. This is going to devastate some people with very large and unexpected it's bills.

[ Parent | on HN ]

Re:Venmo, PayPal and Zelle must report $600 in transactions ... by throwaway532532 on Tuesday January 18, 2022 @02:07PM (#29984114)

Babysitters, cleaners, pet care.. many small time gigs / side gigs gonna get hammered

[ Parent | on HN ]

Re:Venmo, PayPal and Zelle must report $600 in transactions ... by stjohnswarts on Tuesday January 18, 2022 @08:57PM (#29988900)

Just goes to show you how greedy the IRS (and federal government is), they'll go after your 14 year old baby sitter and try to jail them because they earned and worked hard enough to buy a cheap clunker car to drive for when they turn 15/16. Require them to file taxes and keep detailed paperwork for exactly how long you babysat little timothy on March 15.

[ Parent | on HN ]