ALL >> Business >> View Article
1099-k – Understanding Your Special K’s
The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). Knowing how this impacts you can save you an unwanted IRS correspondence audit.
Background
A couple of years ago the IRS introduced the 1099-K. This new informational tax return is meant to capture sales activity of previously unreported credit card transactions from places like e-bay and Amazon. Credit card processors are now required to report these transactions to you and the government if you have 200 or more transactions and over $20,000 in billing activity.
What is happening now
The IRS is now going to be comparing these filed 1099-Ks with the income reported by those receiving the form. If their computer audit shows you have not reported income sufficient enough to cover the activity on the 1099-K you will receive a letter asking for an explanation.
Get More Info : Business Accounting Systems
Websites : https://bas-pc.com/
Add Comment
Business Articles
1. Acoustics, Or The Study Of SoundAuthor: DSP Consultants
2. Famous Music Festivals In Western Canada: Where Sound And Scenery Collide
Author: Miles James
3. Popular Music Festivals In Western Canada: Where Sound Meets Scenery
Author: Miles James
4. Music Festivals British Columbia: Experience The Soundtrack Of British Columbia
Author: Miles James
5. Shine Your Brand Bright: Hire Led Advertising Screens And Mobile Led Vans In Birmingham
Author: Vikram kumar
6. Affordable Digital Marketing Company In Visakhapatnam For Startups And Small Businesses
Author: Digital Shout
7. Modern Balcony Railing Design And Designer Fencing Work In Hyderabad For Elegant Homes
Author: MA Fabrication
8. Enhance Safety And Style With Balcony Grill With Pigeon Protection In Hyderabad
Author: MA Fabrication
9. Turning Waste Into Worth – How Kerone Is Harnessing Biochar For Sustainability
Author: Shivam Chaurasia
10. The Importance Of The Modern Security Audit Services
Author: Qadit
11. Exploring Information Security Management In Bangalore: Protecting Digital Assets In India’s Hotspot For Technology
Author: Qadit
12. Booking Back Office
Author: Anusha Raj
13. Implementing Iso 17025 Requirements In Your Lab Operations
Author: Sarah
14. Lucintel Forecasts The Global Education Erp Market To Grow With A Cagr Of 14.2% From 2024 To 2030
Author: Lucintel LLC
15. Why Quality Matters In Paper Cutting Knife And Blades For Industrial Applications
Author: Perfect Knives