Loophole around $600 IRS reporting law: Zelle

👉 Rossmann chat: https://tinyurl.com/rossmatrix

👉 Article: https://www.bloomberg.com/news/articles/2022-11-07/zelle-becomes-loophole-for-businesses-to-avoid-irs-venmo-tax

👉 Videos referenced:
🔵 NYC empty stores: https://www.youtube.com/watch?v=Zjd1WNhGliY&list=PLkVbIsAWN2lt_n88l7WC2u22TRHKmw8ya
🔵 IRS looking at accounts over $600: https://www.youtube.com/watch?v=C5I7FyFtLns
🔵 PayPal fining misinfo: https://www.youtube.com/watch?v=izuM2e7B8Mo
🔵 PayPal account freezes: https://web.archive.org/web/20130306015830/http://www.rossmannsupply.com/blog/2013/02/paypal-account-freezes-limits-holds-and-nightmares-a-guide-to-what-you-should-do-once-paypal-requests-more-information/
🔵 PayPal keeps 2.9% fee after refunds: https://www.youtube.com/watch?v=c1WPDVjXDj0

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🔵 Lighting: https://amzn.to/3RSriGC

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00:00 intro
00:15 Businesses now taking zelle instead of venmo/paypal
01:00 Motives for this
02:05 IRS rule change
02:32 What Zelle is
03:17 This is a dumb way to avoid taxes
04:00 Unreported tax cost
04:50 My skepticism of estimates
05:55 There are OTHER reasons to not use paypal & venmo!
06:10 Paypal holds people's money
06:25 Misinformation fine bad PR with Paypal who owns venmo
06:50 Zelle isn't providing info on usage/users to bloomberg - GOOD!
07:50 Why would people be trying to avoid taxes?
09:40 There are many reasons to avoid paypal owned comnpanies that have nothing to do with tax evasion.