Isn't Venmo jumping the gun. I don't think this has passed congress. We use
Bill Pay, available at most banks and ACH. Both work very effectively if you
assign the cent identifier to each member.
-----Original Message-----
From:
club_cafe@bivio.com <
club_cafe@bivio.com> On Behalf Of Chevelle A.
Williams via
bivio.com
Sent: Tuesday, December 7, 2021 9:29 PM
To:
club_cafe@bivio.com
Subject: [club_cafe] Third Party Payment Companies and New IRS Guidelines
For Payments Over $600
Hello,
I hope everyone is doing well. In our club, we use Venmo to send the
treasurer our monthly contributions for her to deposit in the investment
account. A new guidance came out that states for goods/services over $600,
the payment company will send the info to the IRS. Even though it states
"goods/services", it doesn't state how they will differentiate it from
something else. We don't want to put our treasurer in a position where she
is being sent additional 1099 because they think she has a business. The
only alternative option,we can think of, is to just start mailing her
checks. Are any other clubs concerned or will be effected by this new
guidance? If so, what changes are you going to make or are you not that
concerned. Thanks for your input and have a good night. Chevelle