TangoTango
Established Member
- Impact
- 119
https://www.dailymail.co.uk/news/ar...App-report-transactions-totaling-600-IRS.html
- The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them
- Beginning Jan. 1, 2022, third-party payment processors were required to report such transactions
- The changes will be included during the 2022 tax season
- The payment apps were previously required to send users 1099-K forms if their gross income exceeded $20,000 or had more than 200 transactions per year