Tax Reporting Change Kicks In with 1099-K: IRS Knows When You’re Using Payment Services
Small business — particularly freelancers and independent contractors — who use PayPal, Venmo, Zelle or other digital payment services to put money in their accounts will have such transactions reported to the IRS by the third party if the amount totals $600 or more in a given year. They’ll also receive a 1099-K, starting in 2022, which means the IRS will know the income earned and businesses will be responsible to pay taxes on such income. Listen as Gene Marks shares more insights on the change in this week’s episode of the “On the Mark” podcast.
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