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by giaour 1465 days ago
> So there's presumably some threshold where you can just have essentially a petty cash business expense.

$600
2 comments
ghaff 1465 days ago
How surprisingly sensible. :-)
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grepfru_it 1464 days ago
Except now the IRS will be watching bank accounts for any transaction totaling over $600 to combat this loophole. Good luck!
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ghaff 1464 days ago
They don't need to watch bank accounts. Companies are supposed to issue 1099s for payments over $600.
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grepfru_it 1463 days ago
https://www.cbsnews.com/amp/news/irs-bank-account-update-cha...
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arjvik 1464 days ago
Documented anywhere?
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giaour 1464 days ago
https://www.irs.gov/forms-pubs/about-form-1099-misc
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