Attention!!! 1099-K update
- tgtaxbookkeeping
- Dec 27, 2022
- 1 min read
ATTENTION⚠️‼️
If you use third-party payments for your small business read this below!⬇️
IRS Delays New 1099-K Threshold NAP has your back during these uncertain times NAP has urged the IRS to delay the implementation of the new rules for reporting income received from apps like Venmo, PayPal, Cash App, etc.
The new rules create an undue burden on taxpayers and the IRS, which is still wading through a backlog of returns.
Today, the IRS released Notice 2023-10, which announces the delay in implementation of the $600 lower requirement for issuing Form 1099-K until
the 2023 filing year (meaning these forms will need to be filed in January 2024).
The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.
Click the link below to be assisted if you need help!⬇️⚠️
loved it. since you are interested in this field, i suggest you a cool product called Avatalk. it's a digital business card that offers AI persona and AR as well, which its AI can answer any questions based on the info you provide and is available 24/7.