You Can't Make This Stuff Up! - Page 2666

Lee Stewart · #**26651** 11-09-2021, 06:42 PM

Lee Stewart · #**26652** 11-09-2021, 06:43 PM

Lee Stewart · #**26653** 11-09-2021, 06:54 PM

The IRS is cracking down on digital payments. Here's what it means for you

Quote:

If you're among the millions of people who use payment apps like PayPal, Venmo, Square, and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January.

Payment app providers will have to start reporting to the IRS a user's business transactions if, in aggregate, they total $600 or more for the year. A business transaction is defined as payment for a good or service.

Prior to this change, app providers only had to send the IRS a Form 1099-K if an individual account had at least 200 business transactions in a year and if those transactions combined resulted in gross payments of at least $20,000.

The expansion of the reporting rule is the result of a provision in the American Rescue Plan, which was signed into law earlier this year. The ultimate aim of the provision is to clamp down on unreported, taxable income.

https://www.cnn.com/2021/11/09/succe...ewmarketribbon

Lee Stewart · #**26654** 11-10-2021, 04:05 AM

Lee Stewart · #**26655** 11-10-2021, 04:06 AM

Lee Stewart · #**26656** 11-10-2021, 04:07 AM

Lee Stewart · #**26657** 11-10-2021, 04:07 AM

Lee Stewart · #**26658** 11-10-2021, 04:08 AM

Lee Stewart · #**26659** 11-10-2021, 04:09 AM

Lee Stewart · #**26660** 11-10-2021, 04:10 AM

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