Yes, the Pay Pal thing wanting your tax ID number is real.

As part of the Covid relief bill, our leaders slid in a provision that lowers the threshold to generate a 1099 on electronic payments to a flat $600. Currently, a 1099 is not generated until both 200 transactions and $20k in electronic payments are met. This changes at the end of 2021. It doesn't change the tax reporting requirements. But it is going to close the revenue gap in unreported income and people will have to account for payments for goods and services on their tax return. I do not think that F & F money transfers will be subject to the reporting.

People have been making a big deal of the potential of the IRS looking into your bank accounts, which is not law. Well this 1099 thing is already law and it has not gotten much traction with people. For casual online sellers it's going to catch folks by surprise as we move into next year.