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New Tax Rule That Forces Paypal, Venmo Cash App and more to Send Users a 1099-K Form

New Tax Rule That Forces Paypal, Venmo Cash App and more to Send Users a 1099-K Form



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7 Comments

  1. That’s great. Nancy Pelosis husbands DWI charges have been dropped (let alone insider stock trading). But ALL laws will be enforced on YOU, always.

    Do as they say, not as they do. Rules for thee but not for me 👍

  2. This is not new. This was reported on last year (in early 2021), long before it became law and most people in this sub were opposed to the proposed requirement. it was considered a “big deal.” not sure why anyone would say it is new in an article / blog post.

    What you may not be aware of, though, [is when that law was passed, they made an exemption for anyone that has a foreign address](https://np.reddit.com/r/Bitcoin/comments/ricpch/implications_of_tpso_third_party_settlement/how7k13/?utm_source=reddit&utm_medium=web2x&context=3). So, you have a corporation for your small business? Does it have a foreign address tied to it (this could even be an iPostal1 mailbox)? Or maybe you are a much larger sort of firm that makes a bunch of money so you have corporations established in different countries in the world? Either way, great, you are exempt from this 600 dollar reporting requirement. (Income of the corporation is still reportable under whatever the jurisdiction requires for the corporation, however, the reporting requirement to tell everybody every time you hit 600 USD or equivalent in whatever asset on some transaction or another, isn’t a requirement – if you have a foreign address.)

    See 26 U.S. Code § 6050W subsection (d)(1)(B). There’s the exclusion / exemption from the P.I.T.A. requirement. Congresscritters probably had friends / campaign contributors in China and Russia complain about the incoming new requirement, so they built in an exemption, not caring that us low level domestics would use it later.

    Cheers!

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