ConcoursMustang Forums
General Discussion => General Discussion => Topic started by: Shelby1966 on December 23, 2022, 03:09:56 PM
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To All:
Paypal, Venmo and cash type apps have the old IRS tax rules inplace for 2022 tax purposes(ie. $20,000.00 and >200 transactions).
The $600.00 reporting to the IRS was rescinded for 2022.
Have a good day and Merry Christmas
Rick Poling
Go Navy
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I hope you are right. I read that this change didn't make it into the Omnibus bill.
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https://www.irs.gov/businesses/understanding-your-form-1099-k (https://www.irs.gov/businesses/understanding-your-form-1099-k)
Snippet:
NOTE: On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of $600. For calendar year 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.
[/size]Even though the Form 1099-K reduced reporting requirement for third-party settlement organizations was delayed, some individuals may still receive a Form 1099-K who have not received one in the past. Some individuals may receive a Form 1099-K for the sale of personal items or in situations where they received a Form 1099-K in error (i.e. for transactions between friends and family, or expense sharing). IRS is updating guidance to direct taxpayers to report these scenarios on the Form 1040, Schedule 1, for tax year 2022. See the section titled ?Information for personal income? for additional information.[/color]
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Okay, I get it. Congress didn't repeal this but IRS is delaying implementation one year.