Listen as The Huddle Guys share updates on the reporting requirements for 1099-K
forms. The information shared in this episode is not just for business owners. If you
use apps (payment processors) to exchange money, you need to tune in. In short, if
you use apps to transfer money above a certain threshold, you may receive a 1099-
K form even if the transactions are for personal reasons. This may cause some to
have to spend additional time and money this tax season proving that these
transactions are not related to a business.
In the apps, be sure to denote whether a payment is for business or personal/family.
Otherwise, you may increase your chances of having your activity in the payment
apps identified as business transactions, that you will have to then refute. In short,
non-business owners may have to prove that they do not own a business.
These are interesting tax times, and The Huddle Guys give you insights that other
CPAs do not. It’s time to Huddle Up!
