In this video, I’ll be going over the latest 1099K updates and answering some 1099-K questions that a lot of people are having. Tax time is approaching and I wanted to provide you with a much-needed update regarding the new 1099K reporting requirements that go into effect this year, for your tax filing early next year.

Later in the video, I’ll share a little-known rule that can save you if you don’t have any receipts or documentation on the cost basis for your 1099K sales.

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Do you have questions about the New 1099K Your Questions Answered? 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.

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