May 22, 2022
10:54:37am
10:54:37am
My audit concern isn’t for myself, it’s for the elderly uncle that I might send
$650 to in order to help defray the costs of a family reunion. Or the $625 I might send to my sister as my portion of combined gift for our parents.
Those instances would auto-generate 1099s sent to the IRS by PayPal and Venmo.. and if they aren’t properly declared on a return could show an inconsistency that might trigger an inquiry.
That’s just me 🤷🏻
Those instances would auto-generate 1099s sent to the IRS by PayPal and Venmo.. and if they aren’t properly declared on a return could show an inconsistency that might trigger an inquiry.
That’s just me 🤷🏻
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- jota
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- Saxa
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- Apr 27, 2024
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Right but every single American is still required to issue a 1099 to anyone they pay $600 or more to for business
5/22/22 9:54am
5/22/22 9:58am
I like it but Venmo is superior as you can send funds from unlimited banking institutions. Zelle is tied to one bank.
5/22/22 9:41am