this post was submitted on 01 Dec 2023
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Memes

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[–] [email protected] 10 points 11 months ago* (last edited 11 months ago) (2 children)
[–] [email protected] 2 points 11 months ago (1 children)

Most importantly being that this limit, form, and change is for businesses. This is not for personal accounts.

[–] [email protected] 5 points 11 months ago (1 children)

That is for businesses, Cash app PayPal venmo etc,to report to the IRS that you had this source of income. 1099k has to deal with Internet transactions. This is absolutely for personal accounts.

[–] [email protected] 1 points 11 months ago (1 children)

Payments you got from family and friends should not be reported on Form 1099-K

[–] [email protected] 3 points 11 months ago

Yes, yet this is what people are acting as if this regulations are. Keyword here is should.

[–] [email protected] 1 points 11 months ago (1 children)

Thank you. I keep seeing memes like this but have never heard of anyone I know actually getting audited. I only got audited once when I completely forgot to include the income from a place I worked for a couple weeks, which is fair (and probably automated on their end considering they would've sent their withholding information to the IRS anyways)

[–] [email protected] 1 points 11 months ago

Yes that process is basically automated. It's actually called The Automated Underreporter.