– Form 1099-K is used to report certain payment transactions to the IRS.
– Taxpayers must report all their income on their tax return, regardless of whether they receive a Form 1099-K.
– Form 1099-K is received for business transactions, self-employment, gig economy activities, and the sale of personal items and assets.
– Money received as a gift or for reimbursement does not require a 1099-K.
– Taxpayers should contact the issuer if they receive an incorrect Form 1099-K and keep a record of the correspondence.
– The reporting threshold for Form 1099-K will change to more than $600 for tax year 2023 and future years. – Some people may receive a Form 1099-K who have not received one in the past due to the threshold change.
– There are no changes to what counts as income or how tax is calculated.
– Services offered include income tax planning, estate planning, tax preparation, tax controversies, offshore voluntary disclosure program, estate and trust administration, fiduciary litigation, will compromises and trust reformation, and guardianships and conservatorships.
https://www.hoiberggroup.com/insights/attprKpuGB4m1bKQr
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