The Soapbox

Joined: 09/29/2013 Posts: 60830
Likes: 57465

What's this?

Venmo is just the payment processor, so there's no exception in place for

them. They're not paying a vendor or subcontractor here.

Before this the payer still had to report a 1099 for the payee for anything over $600 whether they paid them by Venmo, crypto, check, credit card, cash or whatever. If as a business I pay that vendor or subcontractor $600 by check, I still have to file a 1099, but the bank doesn't report it. Nor does MC or Visa if I pay by those. Venmo (and other payment processors) now does.

That's part of why I say it's not worth the "squeeze". If as a business I'm willing to ignore laws for filing 1099's, I'll be just as willing to do so by paying by check or CC. And if I'm so paranoid about that "paper trail" being found, I may turn to crypto.

In addition, I find it a bit ironic that the same folks pushing or defending this, are the same folks that when you dare talk about cutting spending are the first to say it's just a "rounding error" on our total budget, so don't bother with the "squeeze".

I could actually see some benefit to this if they actually allowed businesses to not file 1099's if they pay via Venmo, but I doubt that's the case, and that would be a big benefit to Venmo vs banks, CC companies, etc.

(In response to this post by Beerman)

Posted: 01/12/2022 at 3:51PM

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Current Thread:

Democrats doing their best to destroy venmo -- TomKazanski 01/12/2022 12:28PM

The IRS wants to know people’s true taxable incomes?!? Shocking!!! ** -- SixerHoo 01/12/2022 3:16PM

This isn’t taxable income and definitely not the full picture -- TomKazanski 01/12/2022 5:04PM

1) It’s Venmo that has to report the transactions, not Venmo users. -- SixerHoo 01/12/2022 5:16PM

Venmo can’t tell what is commercial or not -- TomKazanski 01/12/2022 5:23PM

LOL! Banks, employers, etc., report info about your income to the IRS -- SixerHoo 01/12/2022 5:26PM

So because irs already has crappy policies in place -- TomKazanski 01/12/2022 5:50PM

You really don’t understand the world around you, do you? -- SixerHoo 01/12/2022 6:15PM

No you have to be able to account for what’s reported -- TomKazanski 01/12/2022 6:20PM

Have you ever been audited? ** -- SixerHoo 01/12/2022 6:21PM

Yes -- TomKazanski 01/12/2022 6:22PM

Probably should avoid shady tax claims then. ** -- SixerHoo 01/12/2022 6:24PM

I remember once they garnished my dads wages -- TomKazanski 01/12/2022 6:59PM

You are so dumb. ** -- HooAskedYou 01/12/2022 1:55PM

It's a money and Govco bloat grab. It's what Dems do. The fact that it will -- Hoodafan 01/12/2022 1:15PM

🎣 ** -- HoodatB 01/12/2022 1:59PM

Oh I saw plenty of stupidity in that article, but it's still exactly what I -- Hoodafan 01/12/2022 2:15PM

I suppose it's a matter of one's point of view, but .... -- Beerman 01/12/2022 3:13PM

Agree. Again, I'm not advocating allowing folks to pay people under the -- Hoodafan 01/12/2022 3:23PM

Well -- Beerman 01/12/2022 3:36PM

Venmo is just the payment processor, so there's no exception in place for -- Hoodafan 01/12/2022 3:51PM

I would agree -- Beerman 01/12/2022 4:13PM

Oh that article was horrendous and painful to read. -- Hoodafan 01/12/2022 4:32PM

You know, Hooda... -- Beerman 01/12/2022 4:42PM

Easy to have a reasonable discussion with people that are being reasonable. -- Hoodafan 01/12/2022 11:07PM

Can you link your data to where -- HoodatB 01/12/2022 2:25PM

Solid moving of the goal posts. Did you notice the part where they were -- Hoodafan 01/12/2022 2:39PM

He is making shit up and has no clue how Venmo works. Or how easy it is for -- HooAskedYou 01/12/2022 2:30PM

He just keeps digging and sinking ** -- 111Balz 01/12/2022 3:49PM

LOL! Yeah, I'm the one that's clueless here. And you typed that stupid post -- Hoodafan 01/12/2022 2:44PM

You are dumber than TommyKKK for believing him. Sad to see how much worse -- HooAskedYou 01/12/2022 1:56PM

Like dumb and dumber ** -- Hoo TV 01/12/2022 2:04PM

Pssst…read HoodatB’s post below. He did this Google thing to try to verify -- 111Balz 01/12/2022 1:45PM

I wonder if Matt Gaetz will need a different format when he -- Shenhoo 01/12/2022 1:06PM

You mean “the law” right? ** -- HoodatB 01/12/2022 12:45PM

Yeah, $600 is probably too low, but I love this quote -- BocaHoo91 01/12/2022 12:56PM

No, another example -- TomKazanski 01/12/2022 12:53PM

Not true. You are so dumb. ** -- HooAskedYou 01/12/2022 1:56PM

YET AGAIN YOU ARE AN IDIOT… -- HoodatB 01/12/2022 1:34PM

Again in your link -- TomKazanski 01/12/2022 5:57PM

^^^ Ignoramus Kazanskus ^^^ ** -- TomGlansAski 01/12/2022 12:37PM

You tell em there Scrotum ** -- HokieDan95 01/12/2022 12:44PM

Let's go Danny! ** -- TomGlansAski 01/12/2022 12:49PM

Are you defending a person complaining about -- HoodatB 01/12/2022 12:46PM