Quote:
Originally Posted by BobC
Now that is interesting to hear and know. I have never personally worked with or used Zelle, but was under the impression it operated similarly to Paypal, Venmo, and other similar third-party Payment Settlement Entities (PSEs). And that therefore it is also subject to these 1099-K reporting requirements. But that is only for reporting payments for goods and services using such third-party payment network services. Is this specific Zelle Network(R) only for personal and not any type of business use then, and thus exempt from any 1099-K reporting requirements? I'll have to look into that.
And apparently Zelle did catch some loophole so its payments are exempt from 1099-K reporting. Goood news to know.
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This is why Zelle has become the new method of late other than PPFF for many sellers. A quick sweep of secondary marketplaces is now full of Zelle mentions since the states and then feds started launching these new methods for redistribution of funds to seemingly anyone but me, lol.
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- Justin D.
Player collecting - Lance Parrish, Jim Davenport, John Norlander.
Successful B/S/T with - Highstep74, Northviewcats, pencil1974, T2069bk, tjenkins, wilkiebaby11, baez578, Bocabirdman, maddux31, Leon, Just-Collect, bigfish, quinnsryche...and a whole bunch more, I stopped keeping track, lol.
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