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Grayox@lemmy.ml to Memes@lemmy.ml · 1 year ago

IRS be like

lemmy.ml

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IRS be like

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Grayox@lemmy.ml to Memes@lemmy.ml · 1 year ago
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  • DrPop
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    1 year ago

    https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation

    https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

    https://www.irs.gov/businesses/understanding-your-form-1099-k

    Here are some resources to counter this misinformation.

    • XeroxCool@lemmy.world
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      1 year ago

      Most importantly being that this limit, form, and change is for businesses. This is not for personal accounts.

      • DrPop
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        1 year ago

        That is for businesses, Cash app PayPal venmo etc,to report to the IRS that you had this source of income. 1099k has to deal with Internet transactions. This is absolutely for personal accounts.

        • XeroxCool@lemmy.world
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          1 year ago

          Payments you got from family and friends should not be reported on Form 1099-K

          • DrPop
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            1 year ago

            Yes, yet this is what people are acting as if this regulations are. Keyword here is should.

    • AndrasKrigare@beehaw.org
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      1 year ago

      Thank you. I keep seeing memes like this but have never heard of anyone I know actually getting audited. I only got audited once when I completely forgot to include the income from a place I worked for a couple weeks, which is fair (and probably automated on their end considering they would’ve sent their withholding information to the IRS anyways)

      • DrPop
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        1 year ago

        Yes that process is basically automated. It’s actually called The Automated Underreporter.

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