The new $600 reporting threshold for IRS form 1099K, affects online sellers, small business owners, and pretty much anyone who uses online payment platforms.
The days of flying under the radar for taxes owed on online sales are coming to an end. With the new 1099K $600 reporting thresholds, the IRS will now know how much you make in online sales.
If you do any online sales then you need to watch this video. At the end, the end and I’ll share a tip on some costs that are usually included on a form 1099K that you probably don’t know about.
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Do you have questions about the New 1099K Reporting Thresholds! Beware Online Sellers? 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.
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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.