Newest 1099-Okay reporting guidelines difficult small enterprise taxes
(iStock)
Tax season is getting extra difficult for the smallest companies, Inc. experiences.
The minimal reporting threshold for peer-to-peer fee platform transactions has decreased from $20,000 (or 200 transactions) to simply $600 due to a provision within the American Rescue Plan Act of 2021.
That implies that companies that use platforms like Venmo, Money App, PayPal, and even storefronts like Etsy and eBay can count on to obtain 1099-Okay kinds for the 2022 tax yr.
To be clear, companies have at all times been obligated to report their revenue to the IRS—however this new regulation could open up extra companies…Continue Reading