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Quoted from radium:Wow glad I saw this. Did not know about Zelle. That 1099k thing is total bullshit, thanks for the tip.
That 1099k thing doesn’t apply to personal transfers. Ie, not done with a business account, no 1099k. But if you’re doing business with a personal account, you open yourself up to possible audit.
This includes Zelle.
Quoted from Miguel351:True. All transactions sent as "Friends and Family" on PayPal and Venmo are not subject to the 1099K reporting. For now. Trust me, once the IRS gets word of PayPal and Venmo's 10000% increase in F&F transactions and corresponding drop in Goods and Services transactions, those will get taxed, too.
Zelle reports nothing to the IRS. Zelle puts all responsibility to report on the individual. If you're receiving money to your business and not reporting it, you're opening yourself up to possible audit, regardless of payment method, even cash.
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs
https://www.zellepay.com/faq/i-have-small-business-account-will-zelle-report-how-much-money-i-receive-irs
Is there an echo in here? 
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