The American Rescue Plan required taxpayers add to their 1099-K 'gross payments for goods or services that exceed $600'. New reporting requirement will take effect in January . The IRS posted an explainer Tuesday reminding taxpayers the reporting threshold for 1099-K forms would be lowered from $20,000 to $600. The number of transactions that trigger receiving a form will also be lowered from 200 to 1.
The full article is here - it's scary:
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If you do not use these payment plans, will you still have to file a form at tax time?
ReplyDeleteHeltau
Over whelm their system .How about everyone go out and by a few packs of 1099s. Fill them out under fictitious names, companies and totals then send them in by the dozen. Be sure to snail mail them at the end of March. It will take them a few years to sort through the stupid. Become the ungovernable they fear.
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