![]() 23, the IRS announced that the new $600 rule would be delayed and that the previous rules will apply for 2022 returns. ![]() This law is meant to apply to payments for goods and services but could have included personal payments from apps such as Venmo, Paypal, Etsy, and Ticketmaster, to name a few. $600 rule passed in 2021 – In early 2021, a law was passed dropping the 1099-K requirements for 2022 from $20,000 (and 200 transactions) to $600 from any one platform.To keep it simple, we’ve noted the big changes. With all the changes, you may be wondering if you’re totally caught-up on what’s new. What changed with 1099-K rules? And what’s been delayed?Ī new tax law, and then a delay of that law? Yeah, it’s a lot to digest. Officially, this document is called “Form 1099-K: Payment Card and Third Party Network Transactions,” which may shed some light on who sends these forms and why. The 1099-K form reports payments and transactions from online platforms, apps or payment card processors. ![]()
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