Reporting your new 1099K

Reporting your new 1099K will be a new challenge for this coming tax season. Many individuals will be receiving one without knowing. The tax-reporting will apply to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill. According to the IRS, these changes also apply to people who sell items on the internet. Some apps like Cash App, Google Pay, Venmo, Samsung Pay, NerdWallet, Wise, Zelle and others are included. Call us today to find out how to report these new schedules in your taxes and keeping your refund if applies.