B2B Vault Episode 1: IRS To Track Bank Transactions

Written by Allen Kopelman

October 4, 2021

Merchant Services - Payment Processing Services - NPS Bank

This is Allen with B2B Vault. This is our payment industry news Roundup. Educational information for business owners brought to you by NPS bank and the payment advisory board. So the news that we’re trying to bring you is news that basically affects your business for business owners and affects your wallet also as a business owner. Let’s go to our first story here today. So there’s a bill in the house. Everybody needs to be made aware of it. And I believe it’s on page 168 or something like that.

There’s a lot of news stories about this all over. It’s all over the internet. That’s going to change at banks. They actually want to make a lot of changes to the rules. So right now, if you do a transaction that exceeds $10,000, the bank has to report that, especially if it’s cash and now they want to change that to a $600 threshold, but they also want to make changes to the threshold for, um, businesses. So they’re talking about $600 transactions, which would include transactions that are coming through pay pals, Zelle, Venmo, and other cash app payment P2P, which are person-to-person payment platforms that they believe are possibly being used by businesses. And some businesses might be using those platforms. And now there’s going to be a 1099 having to be issued. And who knows, we don’t know what all the requirements are going to be. Other than they’re going to hire a lot of IRS agents to go after these transactions and investigate them.

There’ve been similar things in the past with, you know, affecting ATM machines and the loading of ATM machines with, um, operation choke point. So the next new story, let’s just, you know, I’d definitely say, look into this and write your Congresspeople. Okay. The next one is, is ATM story. That’s going on, where, uh, by all the banks are getting upset because they’re charging customers when they use a non-bank owned, ATM, um, a lot of surcharges. Each time you go to the ATM machine, this is a really complicated story it’s been going on since, um, two down like, uh, for 2018. This started the lawsuit. Now a lot of individual banks are trying to get themselves, um, removed from the class action lawsuit. This is something to keep an eye on. This affects everybody’s wallet. Every time you go to the ATM and use a non-bank owned, ATM, or an ATM from another bank, he got charged surcharges. So this is something to keep an eye on. So this is our first episode of the B2B vault News Roundup. Hope you enjoyed it and watch out for more episodes, have a great day.

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