🧵 1. New IRS rule affects Americans using payment apps like Paypal, Cash App, Venmo. Transactions over $600 will be reported via Form 1099-K. #finance
🧵 1. New IRS rule affects Americans using payment apps like Paypal, Cash App, Venmo. Transactions over $600 will be reported via Form 1099-K. #finance
🧵 4. Selling used items? Beware, even transactions over $600 will be reported by the IRS. Stay informed about the new IRS rule and reporting requirements.
Yes, one to be careful
cashout 500 a day or establish residency in one of the cryptpo friendly countries!
🧵 3. Form 1099-K is used to report payments from payment apps or online marketplaces. Know the new reporting requirement if you receive over $600.
Interesting
🧵 5. Confusion awaits as the IRS lowers the reporting threshold from $20,000 to $600. Learn how this change affects your transactions via payment apps.
Okay
🧵 Read more at @thetimetravelerz's blog: https://leofinance.io/@thetimetravelerz/shocking-irs-600-rule-impact-january-surprise
thanks for sharing
🧵 2. This change impacts 40 million Americans. Prepare for IRS surprise in January 2024 as they send out Form 1099-K for qualifying transactions.
whoa, 40 millions Americans?
Got to read more on this
TAXES ARE THEFT!
#1776