@NanaUBizness wrote: Thanks for the link. It sounds like they're coming for it though. From the Press Release: In-flow and Out-flow Reporting Changes The In-flow and Out-flow Reporting Changes are currently only a legislative proposal, which could potentially be considered by Congress this year. The proposed change would ultimately require all banks and payment service providers, including PayPal and Venmo, to report total inflows and outflows for accounts with at least $10,000 of total deposits and/or withdrawals to the IRS. This is intended to increase the visibility the IRS has into money coming in and out of customer accounts. At this stage, unlike the 1099-K Threshold Change, this is just a proposal and the details are still up for debate. As the situation changes, we’ll be sure to keep this updated as we learn more. I receive 0 interest loan repayments monthly from my 2 kids and it would easily meet that threshold they're trying to push through. They're just doing this so they can audit everyone. 😡 I'm from the government and I'm here to help . - Ronald Reagan 🤦🏻 Well, it appears the stimulus checks have some delayed reactionary conditions attached to them lol. The proposal and the Build Back Better bill wasn’t signed into law so we’ll see. Did o’ Ronnie say that, too? Didn’t he say government is the problem? 😂
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