gig

1099-K threshold delayed again
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1099-K threshold delayed again

Business, Individuals

1099-K threshold delayed again

In the recent IR-2024-299 released at the end of November, the IRS indicated that the 1099-K threshold is delayed again. The 1099-K form is used by Third Party Settlement Organizations (TPSOs) like Venmo and similar cash apps and credit card processing vendors. The thresholds will be: 2024 - $5,000 2025 - $2,500 2026 - $600

By Victor Garrido, CPA, EA|2025-01-06T07:06:22+00:00December 6th, 2024|Categories: Business, Individuals|Tags: $600, 1099k, delayed, dinner, gig, irs, rent, report, sport, tax, threshold, worker|

IRS reminds to report gig economy, crypto, foreign income and assets
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IRS reminds to report gig economy, crypto, foreign income and assets

Individuals

IRS reminds to report gig economy, crypto, foreign income and assets

In the IR-2022-45, the IRS reminds taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig

By Victor Garrido, CPA, EA|2024-11-18T00:06:23+00:00March 12th, 2022|Categories: Individuals|Tags: 2023, accounts, assets, crypto, cryptocurrency, economy, FBAR, foreign, gig, income|

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