Education

I'm on the same class and all I could think about was OMG here we go 

Looks like increased revenue for us from where Im standing.

What's a 1099K?  Is it a new Kellogg's breakfast cereal to expand on it's Special K line?

I will be adding a specific question re: F 1099-K to my organizer.  If it isn't provided, and 'shows up later' after an IRS notice then hell yes, I'll bill them for responding.

Just another PITA to reconcile.

I think it is interesting how much commotion there is about the 1099-Ks

(1) When the 1099-K-s first came out, the IRS specifically said they will NOT send out automated notices if there isn't an exact match with 1099-Ks.  While we don't know what will happen next year, I would THINK the IRS would be smart enough continue with that directive and not send a CP2000 to everybody that received a 1099-K and the IRS didn't see it on their tax return.

(2) Nothing really changes for us for reporting.  We should still be reporting things accurately, including personal non-deductible sales on Form 8949/Schedule D.

(3) Several states already have had lower 1099-K reporting requirements.  I haven't seen comments about an abundance of IRS notices in those states.  However, it would be interesting to hear from those tax preparers that are in those state with lower reporting requirements.

https://stripe.com/docs/connect/1099-K