The IRS is going to know about your digital payments
TAXES
The IRS is going to know about your digital payments: “Small-business owners, prepare yourselves for the era of the 1099-K. That’s the tax form for disclosing transactions with services such as PayPal, Venmo, and Airbnb. Until this year, anyone with less than $20,000 in total payments typically didn’t get a 1099-K—and thus, in theory, could avoid paying taxes on money earned on such platforms. But since Jan. 1 those companies have been required to report gross payments of more than $600 directly to the Internal Revenue Service. That means small-business owners—as well as people who periodically empty their closets on EBay—will receive a 1099-K from any service provider where their income exceeds that amount.”
“Because many users don’t separate personal transactions from business revenue on Venmo and other platforms—and the services don’t always make it easy—entrepreneurs say the rule change will create an administrative headache.”
“EBay, Etsy, and five other players have created what they call the Coalition for 1099-K Fairness to combat the new rules, saying they want to protect ‘casual online sellers and microbusinesses from unfair tax and privacy burdens.’”
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