Don’t go out with friends and exchange money over these apps. If you exceed 600 dollars it will be income instead of a simple reimbursement for dinner, drinks, or taxi, or what ever. This was passed way back in March of last year.
The majority of people didn’t need to worry about this because the old amount was 20,000 dollars per app. This means that businesses could earn 79.995 dollars without it being shown to the IRS. This is the reason why the government put this into place.
But all they had to do is insert certain rules because anyone dealing with banks can ask if the account you are sending money to is a business account or not. Real simple that way and no need to push this on people just getting reimbursements.
Tell your friends and family to not use these apps. If the use of these app is cut down to nothing they will push back and stop this crap. Make them do the hard work and pay off the right people in order to eliminate this law lol.
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