{Chrysler 300} Using PayPal for membership renewal

[Ray Melton <rfmelton@xxxxxxx>]

I've been reading for the last six months that PayPal, Venmo, and some other money transfer platforms are now required to notify the IRS of all transactions so the IRS can send Form 1099's to all people who received payments totaling $600 in any one year - that will be reported as "Income"  That means the Club would have to pay tax on whatever was received through PayPal; they would also have to keep and produce records of their expenditures that might offset the "income" processed through PayPal.   Note that PayPal money transfers to "Friends and Family" are exempt from this new ruling.

While the Club might want to accommodate member's wishes, I think it places an undue bookkeeping burden on them and exposes them unnecessarily to unwanted IRS scrutiny - gotta keep all those new IRS agents busy chasing down every last nickel they can squeeze from even the smallest taxpayers.

Ray Melton  Las Cruces, NM

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On 1/17/2023 7:19 PM, apozdol@xxxxxxxxxxx wrote:

Ditto for me as well.

 

Allan Pozdol

 

From: 'Fern Rivard' via Chrysler 300 Club International <chrysler-300-club-international@xxxxxxxxxxxxxxxx>
Sent: Tuesday, January 17, 2023 6:17 PM
To: chrysler-300-club-international@xxxxxxxxxxxxxxxx
Subject: {Chrysler 300} Re: membership renewal

 

I just received my notice in the mail for renewal to my membership. I would like to renew it using paypal if possible but would need an invoice request so that I can do it. Otherwise, I will do it via snail mail as in the past.

Cheers from Fern Rivard located in Cranbrook BC

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