They're going to squeeze every last freaking cent out of people, or at least try. I wonder if it is going to get to a point where this is met with armed response.
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It should be noted, as it's currently configured, this does not apply unless you've sent or received payment for services rendered... ie a business transaction.
For instance, I can send 1000 to my buddy or my wife and it doesn't apply. If my wife receives payment for her business through Venmo{or any 3rp party payment app}, then it does.
The problem I dislike about this is you have to let the third party know it wasn't for business purposes...
It'll just be a form of what my tax guy said.
It'll ask something along the lines of "have you used any 3rd party payment services for business transactions.? "
" If yes, did any transactions exceed $600?"
Of course, I know this is going to lead to what basically everyone is expecting happening.
But just don't use any apps like those. They shouldn't be trusted anyway
I don't use any of those services, but this is nice to know. Thanks.