Oh that’s interesting… Apparently they’re exempt because the money never actually passes through them, they just facilitate direct transactions between bank accounts… Wish it would actually explain the why on their faq page directly, but there you go.
You don’t want to trigger 1099ks? Use zelle.
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs
Oh that’s interesting… Apparently they’re exempt because the money never actually passes through them, they just facilitate direct transactions between bank accounts… Wish it would actually explain the why on their faq page directly, but there you go.