Wendy Walker, a principal for the tax firm Sovos, said the 1099-K change was a surprise, but a welcome one for tax transparency.
Walker added that the federal government estimates it will get a more than $8 billion boost in tax revenue the first effective year and that it “will ramp up over years.” California is also in the process of creating its own 1099-K form as required by Proposition 22, which passed last year.
Source: Financial Digest (financialdigest.net)
It’s what everyone wanted , the price you pay for no Trump
This goes much deeper. If you receive $600+ in a year by a third party, you will have 2 report it. Now I know why 🏦 like Chase made changes 2 there way of treating these types of transactions, They knew. Like always hard working Americans getting the short end of the stick. 🤢🤮
Can we go somewhere today?
Check out my YouTube channel gm