Can I use Square, PayPal, Venmo, and Stripe at the same time?
Ultimately, each of the aforementioned Payment Settlement Entities (PSE) will report a 1099K to the IRS if I surpass BOTH $20,000 and 200 transactions in a calendar year. So my question is am I able to use multiple PSE's to avoid that? For example, I would make 190 transactions with Square so that they don't report my transactions, and then use PayPal for another 190 transactions, and so on and so forth. Serious replies only please.
- curtisports2Lv 71 month agoFavorite Answer
Sure, you can do that in the hopes your criminal tax fraud won't be caught. You do know that you are to report all income regardless of what 1099s you get, right?
- Rick BLv 71 month ago
Do you understand what a federal prison is??? Do you think that federal tax laws are just suggestions???