01/07/2022
Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues (paypal, Vemo, ...) will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS.
The threshold before was $22,000 and over 200 transactions per year.
Reporting rules are changing for certain businesses beginning in 2022. Debbie Pflieger of EY’s Financial Services Organization, highlights what you need to know about Form 1099-K, Payment Card and Third-Party Network Transactions.