Companies like Ebay, Paypal, Venmo, CashApp, and many others are still sending IRS form 1099K for transactions over $600 even though the IRS issued guidance in December that the new IRS 1099-K rules were postponed for one year.
I’m hearing many reports that these companies and payment settlement entities are incorrectly sending out 1099K’s under next year’s rules even though the IRS said not to. In this video, I’ll show you what you need to do if you receive an IRS form 1099-K, that was in error. You can’t just ignore it.
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Do you have questions about Did You Receive a 1099-K Sent in Error?? 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.