Forwarded from The Justice League (Toria Brooke)
NEW — "The IRS this week warned taxpayers about its new $600 reporting threshold for third-party payments and the need to fill out a 1099-K form should taxpayers exceed that limit.
In 2021, Congress dropped the reporting threshold from 200 transactions worth a total $20,000 down to just one transaction over $600 as part of the American Rescue Plan.
That threshold will likely have implications for regular users of Venmo, Paypal, or other payment apps." (Just The News)
In 2021, Congress dropped the reporting threshold from 200 transactions worth a total $20,000 down to just one transaction over $600 as part of the American Rescue Plan.
That threshold will likely have implications for regular users of Venmo, Paypal, or other payment apps." (Just The News)