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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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2022 1099-K
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BIGPETE
Level 3
08-07-2022
08:09 AM
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Does anyone else see a problem with the new tax rules for receiving a 1099-K for amounts over $600 in 2022? If I sent my kids a birthday or Christmas gift of $1000 on VENMO would they have to show this as income on their tax return?? How do you differentiate between business income as opposed to it being a gift or reimbursement? Thanks for your help
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Taxprohere
Level 7
08-07-2022
11:03 AM
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"How do you differentiate between business income as opposed to it being a gift or reimbursement?"
You ask your client. Expecting a lot more line 21 income and backing out on adjustments.
