Worried about the IRS $600 report?

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Worried about the IRS $600 report?

Post: # 1207Post KMO Studio »

In the US there is a new law that mobile cash accepting apps like venmo and PayPal need to report when a user accepts more than $600 a year.

Are you worried this will affect your business in any way?

If your business enterprise receives $600 or more in payments, regardless of the total number of transactions for the calendar year, then the payment processors must send a 1099-K. This is the tax form used to report payments received by a business or individual for the sale of goods and services that were paid via a third-party network.

So yes, this includes the income you receive for T-shirts you make and sell on Etsy or the house you rent out on Airbnb.

https://www.washingtonpost.com/business ... quirement/

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