14.August 2022

Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

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Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network.

Janet Yellen defended the push by the IRS to require US banks to report all transactions over $600.

Here’s a better idea: How about she disclose the several millions in speaking fees she’s received over the last few years from the banks?

The IRS wants to monitor how you spend $600 when it reportedly costs the US Navy $25,000 just to turn an air craft carrier.


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