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New IRS Reporting Requirements for Merchant Transactions  Form

New IRS Reporting Requirements for Merchant Transactions Form

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Instructions and help about New IRS Reporting Requirements For Merchant Transactions

if you were dreading the new IRS 1099 kru which would require you to report any income over $600 from thirdparty apps and online marketplaces well guess what you're in luck because the IRS has once again hit the pause button on the new 1099 K form reporting requirements so in this video Brian and I are going to discuss what this pause means for you what the IRS has in store for 20124 and Beyond and what to do if you receive a 1099 K form now Brian it isn't every day that the IRS gives taxpayers a big break like this isn't that the truth yeah right but this is the second year in a row that they delayed the $600 rule after sending everyone into a tizzy most of this year including us and our viewers so what's going on here why the delay before we dive in the details I want to back it up real quick and explain where the $600 1099 K rule actually came from perfect you know this rule change was approved as part of the American Rescue plan in 2021 and would hav

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