new 1099-K rules

[chalupacollects]

[QUOTE=swarmee;2181144]Question: doesn't it also apply to your bank account as inflows and outflows? So whether or not PayPal reports F/F or you take cash at a card show, once it gets deposited into your bank account, the IRS will be informed about the overall amounts entering your bank accounts during a year. Then you'll just have to explain where all the income came from, that wasn't from W2 or 1099.

https://www.usatoday.com/story/news/...se/8411799002/

Pretty sure the "every banking" transaction over $600 being reported by the banks was upped to $10,000 as there was too much pushback from the banks, the people and the opposition party. It was part of the BBB bill which thankfully has been dumped...

[swarmee]

Originally Posted by chalupacollects

Pretty sure the "every banking" transaction over $600 being reported by the banks was upped to $10,000 as there was too much pushback from the banks, the people and the opposition party. It was part of the BBB bill which thankfully has been dumped...

You're right, I believe it was in a different bill that hasn't passed... yet. But they have been known to make some changes retroactive, and if they need to close the loopholes to pay for the bill, expect it to be revisited.