USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change - FaunaClassifieds
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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
 
Old 03-13-2021, 06:33 PM   #2
Randall Turner
Am I reading this correctly that it doesn't take effect until next year? I save all receipts of transactions regardless, just wanting to make sure I am following it correctly.
 
Old 03-14-2021, 09:20 AM   #3
bcr229
Yes this year the thresholds are still $20,000 and 200 transactions.
 
Old 12-25-2021, 08:37 PM   #4
bcr229
Reminder - the law changes in one week!
https://www.taxjar.com/blog/2021-11-...rting-for-2022
 
Old 12-06-2022, 03:25 PM   #5
Rhacosaurus Gex
Learn your Schedule C and Schedule SE tax forms ladies and gents.
 
Old 01-14-2023, 10:47 AM   #6
TIBOR PAPP
IRS is going bye bye...save yourself the aggravation.
its all gonna change. research is the only way.
 
Old 01-14-2023, 10:48 AM   #7
TIBOR PAPP
also dump PayPal..junk
 
Old 01-14-2023, 11:42 AM   #8
bcr229
The implementation of the reporting rule has been delayed for a year. So, the threshold of $20,000 and 200 transactions remains in effect for tax year 2022. The $600 and one transaction threshold applies to tax year 2023.

https://www.irs.gov/newsroom/irs-ann...s-forms-1099-k
 
Old 01-14-2023, 11:55 AM   #9
WebSlave
Quote:
Originally Posted by TIBOR PAPP View Post
IRS is going bye bye...save yourself the aggravation.
its all gonna change. research is the only way.
I SERIOUSLY doubt that will happen. Why in the world would the government get rid of their major source of income and control? At best, all that would happen is that the name would change to something pink and fluffy sounding.
 
Old 01-14-2023, 11:58 AM   #10
WebSlave
Quote:
Originally Posted by TIBOR PAPP View Post
also dump PayPal..junk
And a widely used and convenient online payment utility compatible with existing website scripts you would recommend would be ______________________ ?
 

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