DML Consulting Group LLC - Financial Services

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For all the 1099 Gig workers and those conducting their side hustled using Cash App Zelle, PayPal or any other payment app..

The IRS has delayed a major tax reporting change for 2022

Tax season is upon us, and millions of Americans are getting their financial ducks in a row before filing time. If you’re a contractor, that means you’re likely getting a 1099 form (or several) this month.

What’s a 1099 form?
Form 1099 is designed to report your non-W-2 income — including income you earned as a freelancer.

There are plenty of types of 1099 forms, but one has been a real problem child this tax year: the 1099-K. This form is sent to contractors by credit card companies and third-party payment platforms like PayPal and Stripe.

The 1099-K rule change — and the reversal
Starting with the 2022 tax year, contractors were supposed to receive 1099-Ks if they earned more than $600 via credit card, debit card, or third-party payment platform. Before that, it was:

$20,000 via credit, debit, or third-party apps

In at least 200 different transactions

However, the IRS decided — at the last minute, we might add — to delay this change for a year. So it’s back to $20,000 and 200 transactions. Here’s its reasoning.

… [The change to $600] must be managed carefully to help ensure that 1099-Ks are only issued to taxpayers who should receive them. In addition, it's important that taxpayers understand what to do as a result of this reporting, and tax preparers and software providers have the information they need to assist taxpayers.

TL;DR: Everyone needs more time and resources to make sure the change goes smoothly.

What does all this mean for me?
As endlessly fascinating as IRS drama can be, you’re probably wondering how this actually impacts you — and your taxes.

The answer: There’s not much you need to do differently. If you made $400 or more as a contractor in 2022, you still should assume you owe taxes, even if you don’t get a 1099-K form after all.

You’ll just need to figure out what this income was another way, like with your bank statements. (It’s best to do this anyway, since not everyone who’s supposed to send a 1099 actually does it!)

Credit: KEEPER

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FYI...

1st installment for 2023 self employment tax coming due for self enjoyed and Gig workers...

If you’re self-employed, including gig economy work, you will likely need to pay quarterly tax installments to . Make sure to mark your calendar: The next deadline to pay estimated taxes is January 17. Learn more: http://ow.ly/PT7c50MilPm

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