If you use Cash App, Venmo or any similar app to send or receive payments, you need to know about the new IRS rule regarding these apps and 1099-K forms. Wade and the panel get you up to speed on when the form is used, how to handle personal transactions, and what penalties you could face if you don't report these transactions.
HEADS UP! Two days after we recorded this episode, the IRS announced they would be postponing enforcement of the expanded 1099-K rule. This means that third-party payers aren't responsible for reporting income unless you paid over $20,500 or had more than 200 transactions, and actually puts contractors MORE on the hook for sending out 1099-NEC forms. Like we say in the episode: when in doubt, send it out!
Topics we cover in this episode include:
LINKS
Download the free 1099 checklists: https://carpentercpas.com/1099checklists
Visit the episode page at https://contractorsuccessforum.com/1099s for more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
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Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
