The Internal Revenue Service updated its frequently asked questions Wednesday about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks ...
If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year. Here’s why you might be ...
One law provision new for tax years beginning in 2022 and after that could catch many individual taxpayers by surprise — particularly those in the “gig economy” — is the much lower threshold at which ...
Christmas came early (again) this year for many taxpayers and tax professionals. The IRS has announced that it would (again) delay the new $600 Form 1099-K reporting threshold for third-party ...
WASHINGTON, DC - MAY 19: Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service speaks at a Senate Appropriations Subcommittee hearing on Capitol Hill May 19, 2021 in Washington, ...
2023 was going to be the first year in which people who earned at least $600 from online platforms like eBay, Etsy, Venmo and CashApp were going to receive 1099-K income tax forms. But right before ...
Did you make over five grand on a marketplace app? Maybe you're an Uber or Lyft driver and you make some money on the side. Or you sell baked goods or do hair on the weekends, and customers pay you on ...
The IRS is taking a closer look at your fintech transactions. Starting in 2022, any transactions exceeding $600 and made through payment cards or apps (think Venmo, PayPal, Zelle) must be reported by ...
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