Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

  1099-k Reporting Requirements for Venmo Transactions and Other Mobile Apps You may have heard or read about the IRS' recent proclamation about reporting receipts from Venmo transactions  and other mobile payment apps.  The IRS recently announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of more then $600. For the calendar year 2022, third party settlement organization who issue Forms 1099-k are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.  So, while the reporting requirement may have been delayed, those of us who use Venmo as a payment mechanism need to continue to monitor this situation and implement compliant procedures for calendar year 2023.  The IRS using matching programs to match-up amounts contained in tax returns with actual amounts reported by third parties. A matching error notice is usually not that a big a deal, its a matter...

  Receiving these kinds of letters? Never pleasant. Ignoring it won't help the situation - you know that. We're often afraid of the unknown and the IRS is at the top of that list.  Second is the worry of what it will cost me to fix this problem? During the Holidays no less!  When it comes to the IRS, inaction digs a deeper and deeper hole. So let's talk about your situation. Take advantage of our free informational calls. By asking a few basic questions I can start you on your tax resolution journey and to peace of mind. Call me or drop me a line - our initial conversation is free. Lets see how I can help you through this issue. 

 Turkey Day, Black Friday, Christmas, New Years, Tax Day.  Wait, what? Thanksgiving signals the march to the end of the year and starts the string of never ending year-end lists, including late year tax planning.  So what should you do? Take a minute while you sit comfortably in your chair with your tablet and phone and take a quick run through on 2022. How much money did you make? Any new expenses? New purchases? How about gifts?  While this can be painful, it could also be helpful. Take a minute - you'll be be glad you did. Questions? Call me. www.austin-tax-help.com.