Some American taxpayers are reportedly receiving 1099-K tax forms from the Internal Revenue Service (IRS) even though they may not be legally obligated to file it, which comes amid the tax agency flip-flopping on the income threshold applicable regarding the form. The form 1099-K is a document sent by third-party networks like PayPal, Venmo, Amazon,…
IRS Flip-Flopping: Ineligible Americans Receiving Form 1099-K
March 8, 2023
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Sellers and Accountants Applaud Delayed 1099-K Reporting
A required 1099-K form for services from third-party payment networks has been delayed. A 1099-K will not have to be issued for services over $600. Although there is a top number where they will be issued, in tax year 2022, the lower threshold will not count. Many people, like freelancers and online sellers, use third-party…
IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit
December 3, 2022
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The Internal Revenue Service reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash App as the agency seeks to obtain data regarding part-time employment and side gigs, a move that critics have termed government overreach. In a recent explainer posted online, the IRS said that according…
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