If you have decided to give a donate via Paypal [paybuddy], Vemno and
other pay applications, please note the change in US tax filing reports last
year.
If you use any of these pay services for more than $600.oo per year, your transactions
will be reported to the IRS. This change was made recently by Socsheviks in the House
in 2021 and became effective this year.
WARNING: There is also a requirement by US banks to report cash transaction of over
$10,ooo [suspicious activity report], however, I have been told by bank employees they
quite often report lessor amounts.
"What are Suspicious Transactions?
If you receive $10,000 or less in cash, you may voluntarily file Form 8300 if the
transaction appears to be suspicious. A transaction is suspicious if it appears that a
person is trying to cause you not to file Form 8300 or is trying to cause you to file a false
or incomplete Form 8300, or if there is a sign of possible illegal activity."
As stated by paypal this includes what is defined as a "gift."
https://www.foxbusiness.com/money/venmo-paypal-cash-app-report-payments-irs
https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered
Yes, the minimum requirement is $600.oo bucks but what precludes PayPal to report lessor amounts?
If you value your privacy, you will have to decide what is or not acceptable.
