There’s a lot of mis-information going around about the new reporting requirements or limits for IRS form 1099-K. Allow me to clear up any 1099-K confusion that you may have.
In this video, I’ll ensure the 1099-K is explained in a way that you and everyone can understand. Later on, I’ll explain how the new 1099-K reporting requirements won’t actually change the amount of tax that you owe.
Form 1099-K is an IRS information return used to report certain transactions to encourage voluntary tax compliance. The form would be received by January 31st for transactions in the prior calendar year.
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Do you have questions about 1099-K Confusion | Changes Explained by CPA? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.