FaunaClassifieds - View Single Post - USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change
View Single Post
Old 03-13-2021, 03:03 PM   #1
bcr229
USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

The COVID relief bill that passed in the US reduced the reporting threshold for the IRS 1099K from $20,000 and 200 transactions per year to $600 per year if you use an electronic payment system like PayPal. Even if you are just keeping and breeding as a hobby SAVE YOUR RECEIPTS so you can offset that 1099K with your expenses.

https://www.twrblog.com/2021/03/amer...mis-threshold/

https://www.ecommercebytes.com/C/abb...615153514.html