It's on the IRS website- I has NOT been replaced- please link the updated file/doc showing different.
"April 15 is the deadline for most Americans to file their Federal individual income tax returns. Passed by Congress on July 2, 1909, and ratified February 3, 1913"
Hmmm- is that outdated too???
Bottom like-1099K will affect the average joe on so many levels...even teenage babysitters/dog walkers will be taxed. Cash will become king again...
https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022?fbc...
What has changed-A New Law-tons of paperwork...
"under the new law, these property owners and gig workers will now receive 2022 Forms 1099-K reporting their extra income in January 2023 if that income in 2022 exceeds $600.
These Forms 1099-K will not reflect the various deductible expenses associated with that “extra” income such as utilities and depreciation for homeowners, basis in property sold by sellers or the cost of mileage for delivery drivers, all of which must be factored in before any taxable income is determined. For example, a model train collector may have paid $5,000 for model train pieces over several years that they now sell for $8,000, and the marketplace that introduced the seller to the buyer and through which the sale took place may charge the seller a total fee of $800. It may cost the model train seller $200 in postage to send the pieces to its buyers. The Form 1099-K that the seller will receive from the TPSO will report $8,000 in gross proceeds paid. However, the seller’s taxable gain from that sale would only be $2,000. As a result, collectors and other online sellers will need to keep extensive records of their expenses going forward to avoid over-reporting of income and overpayment of tax.
Also, consider the alternative—a teenager who walks dogs to earn extra money. If their income in 2022 exceeds $600, their expenses may be limited to the fees charged by the website that connects them to pet owners, but they will owe income tax—and possibly self-employment tax—on the income they earn.
It is important to note that transactions for personal gifts, charitable contributions, and reimbursements are specifically excluded from Form 1099-K reporting. Most TPSOs will likely attempt to identify such transactions based on their user agreements, which generally specify whether the user will be using the website for personal or commercial transactions. So, while a pool maintenance company that receives payments for its services through a cash app may receive Forms 1099-K in the future, friends sending money to reimburse one of them for theater tickets purchased for a group should not. This is because the pool company should have a commercial agreement while the friends should use personal agreements when signing up for the app."
