A good big bad problem.

[xsvspd]

Square only reports users to the IRS with $20,000 AND 200 transactions in a calendar year. It's free to sign up. 2.75% per swipe. Deposited directly into the owners account. You could even sign up your BF/GF for one and just use it the one time. No, I don't work for Square. My wife has one she uses for her hair clients.

[Anonymous]

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@xsvspd wrote:

Square only reports users to the IRS with $20,000 AND 200 transactions in a calendar year. It's free to sign up. 2.75% per swipe. Deposited directly into the owners account. You could even sign up your BF/GF for one and just use it the one time. No, I don't work for Square. My wife has one she uses for her hair clients.

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just because square isn't reporting doesn't mean you shouldn't either.

then again, this is something that is best discussed with your accountant. These are usually non-issues, but if you run into problems with the IRS in the future, this can compile on top of whatever problems you are already facing.

[xsvspd]

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@Anonymous wrote:

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@xsvspd wrote:

Square only reports users to the IRS with $20,000 AND 200 transactions in a calendar year. It's free to sign up. 2.75% per swipe. Deposited directly into the owners account. You could even sign up your BF/GF for one and just use it the one time. No, I don't work for Square. My wife has one she uses for her hair clients.

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just because square isn't reporting doesn't mean you shouldn't either.

then again, this is something that is best discussed with your accountant. These are usually non-issues, but if you run into problems with the IRS in the future, this can compile on top of whatever problems you are already facing.

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I agree completely. But for the sake of what he's trying to do, with an account opened specifically for this, he wouldn't need to. Technically, sure, but not for this alone. Could he get in trouble? Absolutely. But Square doesn't report unless as previously stated.

[newUser0]

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@Anonymous wrote:

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@xsvspd wrote:

Square only reports users to the IRS with $20,000 AND 200 transactions in a calendar year. It's free to sign up. 2.75% per swipe. Deposited directly into the owners account. You could even sign up your BF/GF for one and just use it the one time. No, I don't work for Square. My wife has one she uses for her hair clients.

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just because square isn't reporting doesn't mean you shouldn't either.

then again, this is something that is best discussed with your accountant. These are usually non-issues, but if you run into problems with the IRS in the future, this can compile on top of whatever problems you are already facing.

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Enharu - Are you CPA by any chance? 

You have a sound knowledge on all these issues

[Anonymous]

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@xsvspd wrote:

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@Anonymous wrote:

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@xsvspd wrote:

Square only reports users to the IRS with $20,000 AND 200 transactions in a calendar year. It's free to sign up. 2.75% per swipe. Deposited directly into the owners account. You could even sign up your BF/GF for one and just use it the one time. No, I don't work for Square. My wife has one she uses for her hair clients.

---

just because square isn't reporting doesn't mean you shouldn't either.

then again, this is something that is best discussed with your accountant. These are usually non-issues, but if you run into problems with the IRS in the future, this can compile on top of whatever problems you are already facing.

---

I agree completely. But for the sake of what he's trying to do, with an account opened specifically for this, he wouldn't need to. Technically, sure, but not for this alone. Could he get in trouble? Absolutely. But Square doesn't report unless as previously stated.

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Rather than using Square, Paypal and Google Wallet may be a better alternative.

A lot of people were using Amazon payments too but Amazon been shutting people down nowadays, which is to be expected since they're making a loss by not charging any fee.

Paypal and Google Wallet are much less likely to freeze the payments compared to square.