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Remember: just because Zelle isn't required to send 1099-K forms, that doesn't mean you don't have to pay taxes on your business income. You still must report all taxable income you made, including income from Zelle, on your tax return.
If you're the person paying, you can even schedule a recurring payment if the amount is the same every time. In Zelle, select the contact you're paying, add the amount, click ?Change? beside the calendar, select the frequency, then add the date you'd like it to start. 4.
Zelle, on the other hand, does not hold funds. Instead, they do direct bank transfers between users and these transactions are not subject to the IRS's 1099-K reporting requirements.
In order to use Zelle® with your business account, your bank or credit union must currently offer Zelle® for your business account type. Please note that not all banks and credit unions offering Zelle® to consumers offer Zelle® for small businesses.
How do I send money? Sign on and select Transfer and Pay on the desktop or Pay & Transfer on the mobile app. Select Zelle®. Select Send. Select the recipient. Enter the amount. Select Review. Select Send.