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IRS delays tax reporting change for 1099-K on Venmo, Paypal payments
Svetikd | E+ | Getty Photographs The IRS has delayed, for a year, when payment expert services these as Paypal and Venmo and e-commerce corporations this sort of as eBay, Etsy and Poshmark will have to difficulty tax types to individuals whose business transactions through all those platforms exceed $600. The company on Friday claimed that such third-bash platforms will never have to use that threshold for when they report 2022 tax-year transactions on a Kind 1099-K, which goes to both the IRS and taxpayer. Instead, they can depend on pre-2022 threshold of more than 200 transactions value an combination over $20,000. The American Rescue Approach Act of 2021 dropped the threshold…
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IRS issues accounting-method change procedures for small businesses
Beneath guidance in Rev. Proc. 2022-9 issued Thursday, taxpayers may perhaps acquire the IRS’s automatic consent to improve their tax accounting techniques to comply with remaining restrictions relating to less complicated tax accounting procedures accessible to lesser firms. Those closing restrictions, issued early in 2021 (T.D. 9942), executed variations designed by the regulation recognised as the Tax Cuts and Employment Act (TCJA), P.L. 115-97, that generally exempt from much more sophisticated demands firms with normal annual gross receipts of no more than $25 million (altered for inflation to $26 million for 2021). The remaining regulations apply to tax several years beginning on or soon after Jan. 5, 2021 (or for…
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