Americans are worried about a tax reporting rule that will force applications like Venmo, CashApp, and Paypal to send 1099-K forms to users.
allow customers to accept and make payments using crypto assets. The new rule stemming from the IRS and a direct result of the recently passed American Rescue Plan is a significant increase from the 1099-K rule in the past.passed, the IRS oversight was payments originally beyond $20,000 from people leveraging third-party payment applications. Similar to the current $600 threshold if the user of the payment application exceeds the limit, a 1099-K form must be sent to the user.
Moreover, back when the threshold was $20K the prior requirement also noted it had to be 200 transactions or more. Today, the IRS 1099-K summary says “any number of transactions” must be reported if the payment is over $600. “It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K,” the U.S. tax agency’s websiteTax Foundation Analyst Says Tax Requirement’s ‘Administrative Burden Is a Pain’
Americans working in the gig economy and freelancing using third-party payment apps are concerned that the work will be a waste of time if the IRS taxes them.
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