$2500 fine PayPal who also owns Venmo (Fine Reinstated)

It was $20k before that. $20k to $600 is quite a crazy change for IRS reporting.

I can see the argument that $20k was too generous to go unreported. Probably isn’t too hard to imaging a guy setting up just a few accounts across these type services to launder $100k. $600 seems like the opposite extreme.

 

A DeSantis rep made a statement saying it seems that PayPal has put out misinformation and now owes everyone 2500. LOL

 

Yep, that's why the left wanted covid passports so badly, set 'em back a bit.

 

I think “accessed” is too strong of a word. The IRS cannot simply access your accounts on their own, AFAIK. They can ask you for info if it’s for a legitimate reason and if you refuse they can request it from the financial institution. When you say “accessed” it gives the impression that the IRS has the ability to enter into the bank’s system.

 

As I understand it. These services are required to send your transaction history to the IRS once you cross the 600 dollar threshold for both personal and business accounts

This is from Venmo:
Venmo is required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services and Crypto transactions through Venmo.

If you exceed the IRS thresholds, you’ll be able to retrieve your tax forms here.

 

I’m guessing they just don’t understand what it means to own the worlds most comfortable pillow

 

I never claimed it was insured. I said they offered similar services... But your paypal balance is not separate from their partnerships. You have one paypal balance.

I was explaining why many businesses will keep a paypal balance on hand. There are a plethora of reasons.

Paypal is not longer just a payment service with that singular purpose.

On a side note, I find it frustrating that even though they own Venmo, you cant join the accounts or even use paypal as your payment source in Venmo.. I cant make a venmo payment from my Paypal account. No idea why.

 

Yeah assessed is the wrong word, but as of this tax year Venmo and Paypal (etc) are reporting much lower thresholds to the IRS. Those reportings will make everything over $600 taxable when in essense it has been almost invisible money.

 

Like I said, accessed is not the correct word. Receiving reports is passive. Accessing is active.

 

Im not dumb.. however I got a bonus paid to me through venmo that I forgot about for almost a year.

 

There are really only three ways this could have happened:

1- it was purposeful. I tend to highly doubt this. Not only would anyone with a brain know how this was going to be received, the odds of their legal department signing off on confiscation of a client’s personal property over a free speech issue would seem close to zero. And the business side wouldn’t be far behind, they would know they would lose half their client base overnight, even if it were rescinded.
2- sabotage. Someone snuck it in after the final reviews knowing it would all but tank these companies.
3-it was in an earlier draft, got removed and the wrong version was accidentally uploaded to their site. This is the most likely scenario for me as someone who goes through this process of publishing public comms for a large company. Which is still scary that someone was even thinking on those lines. But without knowing their culture (maybe it’s an “any idea is a good idea” kind of place), it’s hard to know how seriously this was considered.

But the stock is down 6 percent today. So whatever it was, it didn’t end up well.

 

I'd like to see the full text and where that snip was located in their terms of service ... whenever someone takes two mid sentence quotes, and joins them together with their own added verbiage, I'm suspicious.

My thoughts ... Pay Pal has to some extent a fraud protection -- at least on ebay transactions, probably others -- so fraudulent transactions can cost them money. I'd have no problem with them confiscating the accounts of scammers who, for example, "promote misinformation" to sell fake Covid Cures that are processed through Pay Pal ... which Pay Pal then has to reimburse if their anti-fraud protections apply. Anyway, I'm pretty sure that would be more inline with the overall meaning of this -- and not "we're going to fine you for posting memes we don't like" -- if we were to get the full text and context.

 

That is true, they are already an arbiter to an extent by taking sides in p2p transaction disputes.

 

Love the logic. It's a non-banking entity. Of course they have the right to take your money, dummy!