1099K $600 Rule Cancelled for 2023 by IRS
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- Опубліковано 5 жов 2024
- The IRS has cancelled the $600 1099K rule for 2023
www.irs.gov/ne...
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Thanks!!!!! the IRS is always a mess !!!!!!
:)
Thank so much for being updated us
thk u Ginny!
Very welcome!
Hope you had a lovely Thanksgiving and weekend! 🤘🍁
Thanks you too!
I don't understand why we won't receive 1099k's but still have to report if over $400.
Two completely separate rules. You are obligated to pay income taxes on your income. The credit card processors/PayPal/venmo are required to send you a tax form at a certain amount . Your own income tax obligations aren't effected.
I just got 1099k I made 19k with 62 transactions why?
You would need to claim that income anyway since it is over $400.... So the fact that you received a 1099k or not does not change that - the IRS requires the organization to send it at the threshold, but they can send them to any user at any amount - it's just required at the limit so some organizations send them anyway.
Just checking - as a company who pays vendors via these platforms, we still do not send them a 1099-NEC as 'the payment processing platform will issue them'? Sorry if I'm not understanding. It's just coming up on 1099 season and I swear it's always something with the IRS. Thanks
The rules surrounding the 1099K do not change the 1099NEC rules - you will still be required to issue your 1099NECs ❤️
Hi Ginny 👋
Hi!!
Ginny,.....Holiday greetings.....nites are getting cold on the desert/how about there?
ps.....Shelly has decided to forgo a Chrismas tree this year....after last year's rat nest in ornament box fiasco!
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