Tax Resolution Attorney John P. Willis Shares Good News For Taxpayers Who Were Concerned About The IRS $600 Form 1099K Requirement.
Tax resolution attorney John Willis, CEO, and founder of IRSALLSTAR, gives users of third party payment platforms the good news that the IRS is delaying its form 1099K requirement for anyone receiving more than $600 and less than $20,000.
Fairhope, AL, January 27 2023: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “IRS Delays $600 Form 1099-K Requirement.” Mr. Willis expects some readers to feel a great sense of relief with the news.
Willis writes, “Last month I wrote about a few year-end scams and IRS alerts to keep taxpayers abreast of important information. One of those alerts,” he states, “was about the IRS requirement for third-party payment platforms to send 1099-K forms to anyone who received more than $600 through the likes of Venmo or PayPal.” He continues, “This was supposed to be in effect for the 2022 tax season. However, there was apparently a huge outcry because the IRS has delayed implementing this requirement for the upcoming tax season.” Willis asks, “Do I hear a big sigh of relief? “
As Willis reveals, “The reason for this delay, according to the IRS, is that the public expressed serious concerns “regarding the ability to comply and taxpayer confusion on how to report Form 1099-K on income tax returns. With little guidance available to the public and a significant increase in the burden on the electronic payment networks, the IRS decided a transition period was necessary.” https://www.taxpayeradvocate.irs.gov/news/nta-blog-heard-loud-and-clear-irs-postpones-implementation-of-600-form-1099-k-reporting-by-a-year/
“However,” Willis notes, “what remains in place through December 31, 2023, are the previously established $20,000 and 200 transactions thresholds. And, of course, the IRS always reminds taxpayers that, “The rules for reporting income are not changing. Anybody receiving taxable income paid through third-party networks must still track and report their taxable income.”
The entire blog can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 25 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.