![]() The change was tucked into the American Rescue Plan, the Biden administration’s $1.9-trillion COVID-19 relief bill. Mobile phone networks plan to pull the plug on their 3G service this year, with AT&T slated to go first. ![]() Technology and the Internet If your phone, car or home alarm relies on 3G, you need to prepare for a shutdown (If you’re working on your 2021 taxes now, you still have to report all your income, but you won’t be receiving forms from payment apps.) Here’s a breakdown of the new rule and what it means for your 2022 tax returns. The platforms need that information to make sure the income they’re reporting for, say, Mary Smith is attributed to the right Mary Smith. Some users are just now learning about the change in law because they got a notice from the payment platforms asking them to confirm their taxpayer information, including their legal name, address and Social Security number. 1, the new threshold is one or more transactions that collectively raise at least $600 in revenue. Previously, the companies had to submit reports only for users with at least 200 transactions and at least $20,000 in revenue in a given year. That’s because payment apps, online marketplaces and gig economy companies such as Airbnb are now required to report even relatively modest amounts that users collect for the sale of goods or services. This year, however, the IRS will have a clearer picture of the revenue that people have been collecting online. But some sellers have tried to fly under the feds’ radar by taking payments through an online app, such as PayPal or Venmo, then not reporting them on their tax return. ![]() citizen making money from the sale of goods or services, the IRS considers it taxable income regardless of how or where you’re paid.
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