New IRS $600 Reporting Rule | More Taxes on Small Business & Side Hustles?

There still seems to be a lot of confusion around the new IRS tax reporting threshold of $600 starting in 2022. No, the actual IRS tax law has not changed, only the IRS reporting requirements for online payment platforms. Anyone who generated a profit from selling anything online is expected to report income and pay income taxes regardless of whether or not they received a 1099-K. This includes popular online third-party payment processors Etsy, eBay, PayPal, Venmo, Facebook Marketplace, and Cash App. Prior to this year, the old threshold was $20,000 per year and at least 200 transactions.
According to Zelle, this platform is actually exempt from the IRS reporting law
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs
Joining me in this episode is Mark Tew, CPA - known as @Not Your Dad's CPA to clarify some of these items, answer questions, and help you tackle small business finances.
*Disclaimer: This conversation is for educational
& entertainment purposes only.
This does not constitute accounting, financial,
legal or business advice / expertise.
Please consult a qualified professional to
help you with your specific situation.*

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The IRS Is Cracking Down on Small-Time eBay and Etsy Sellers
https://money.com/tax-1099-k-600-ebay-etsy/
It’s going to become harder to avoid telling the IRS about income from selling stuff online. Here’s what to know
https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

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