This tax season is going to be a disaster with the new 1099-K’s being issued to anyone receiving payments over $600. And just to clarify, this is only supposed to be for goods or services, and excludes personal transactions.
Check out these statistics. According to Michael Sullivan, former IRS agent…
There are 516 million Venmo transactions every day,
There are 41 million daily PayPal transactions,
Cash App. They have 44 million users.
Multiply that by 365 days, that’s a huge number. Let that sink in.
I don’t think the IRS is even ready for what’s coming for them in the way of phone calls, letters and complaints because of the millions of 1099Ks that are going to be issued this tax season.
Later in the video, I’ll outline some options on what you can do, if you receive a 1099K that you believe is incorrect.
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Do you have questions about Tax Season Disaster Prepare Now? 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.