USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change - FaunaClassifieds
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General Business Discussions This is a general purpose forum open to business related topics concerning Reptiles and Amphibians that are neither appropriate for the Board of Inquiry, nor sales, purchase, or trade solicitations.

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Old 03-13-2021, 03:03 PM   #1
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.
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
Yes this year the thresholds are still $20,000 and 200 transactions.
Old 12-25-2021, 08:37 PM   #4
Reminder - the law changes in one week!

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