Long story short, the Venmo account was closed recently due to their system just now identifying a link with my suspended PayPal account from 7 years ago (nothing foul, account flagged without disputes with no legitimate reason given).
I want to continue using Venmo, as it has been much easier for customer conversions. Basically I need to have a pass through account through a trusted associate.
I am thinking I would have to provide some sort of documentation such as an invoice, that they passed the money to me, and I am the taxable entity. Then I can report it as income on my Schedule C. Since the account holder would be paid monthly for their "service", would I need to issue them a 1099 myself?
\Please stay on topic. I understand consulting with a tax professional is going to be a requirement, but looking for opinions from those who have gone through something similar or there could be professionals lurking this sub with advice.*
How to become taxable entity for Venmo Business owned by someone else?
byu/xps15z intax
Posted by xps15z
2 Comments
They issue you the 1099 form, for the amount of payments they processed for you.
>nothing foul, account flagged without disputes with no legitimate reason given
Fake GLP-1s? Peptides? Herbal V1@gra?