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Venmo, PayPal transactions
The government postponed the implementation of the $600 threshold for 1099 from the common money transfer apps used by friends to pay for lunch, tickets, gas, etc.
Will that $600 threshold be implemented for 2023 tax year? If they send me a 1099, how do I prove that money was not business related? What if I'm collecting payments for a team and the total is in the thousands for the year? How would I prove it's not income, just an aggregation point as I'm the Treasurer?
‎June 28, 2023
1:20 PM