Have a buddy who hosts weekly virtual card games during Covid. Some small games, some larger games. He’s been taking payments through Venmo and all of a sudden is freaking out reading online Venmo could send a 1099 for over 200 transactions AND $20,000+.
He’s never moved the money into his actual bank account, simply hosted the money in his “Venmo” account and paid out the winners. Also, does not have a business account, just a personal account.
Could a 1099 actually be sent if the money never transferred into his bank account? Any BBI accountants here?
Thanks for the info...