Quote:
Originally Posted by sycks22
Forget crypto, how about all AH's accepting paypal, credit cards or zelle. Welcome to the 21st century where nobody uses checks anymore. Over 50% of AH's are great, but a lot still need to start accepting different forms of payment.
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You are aware of the new 1099-K reporting threshold starting in 2022 is now $600, right? That reporting requirement is on third-party payment platforms like Paypal, Zelle, Venmo, etc. So if AHs start accepting such payment services, they are going to get hit with 1099s going to them. And since the bulk of that money they will be receiving 1099s for actually belongs to their consignors, to properly get that reported sales income off their taxes returns they're going to have to start giving 1099s to their consignors. That will be a big hit, won't it? Can you imagine being the first AH to start reporting their consignor's sales to the IRS, and what that could do to their future consignments? Especially if other AHs don't follow suit. They won't have to worry about their customers complaining that they can't easily pay with Paypal, Zelle, Venmo, and so on. Their customers will end up bidding with other AHs because the consignments will start going elsewhere.