isisdave
Recycles dryer sheets
Aren't there 2 modes on Venmo? Peer to peer and customer to business?
Whether or not there is, when you sell a couch to your brother-in-law or the guy down the street, he MAY mark it a "business" transaction. With strangers on PayPal, the "goods and services" designation is necessary to get certain protections, and it's set by the buyer, not the payment processor.
How many 1099-Ks will be issued because of this? 50 million, maybe more? What percentage will require adjustment? 75% maybe? There is NO WAY you are going to get this adjusted by the issuer. I'm guessing that the IRS might just accept them but do nothing with them the first year, while they see what kind of data it gets them and whether the chaos is worth the time.
The law "applies only for transactions for the provision of goods or services settled through a third-party payment network."
There is a movement in Congress to change this back to the way it used to be ($20,000 or 200 transactions). Who knows if they'll get it done.