“As a result of taxpayer confusion, lack of clear guidance, concerns about the existing backlog, and impact on the upcoming filing season, industry and stakeholders urged the IRS to postpone the implementation of the new reporting requirements of the Forms...
This was inevitable. While some payment apps sent 1099-K’s, others did not. Plus “Prior to this change, app providers only had to send the IRS a Form 1099-K if an individual account had at least 200 business transactions in a year and if those transactions...
I got off the phone with the IRS and have an answer: online bill pay is still 1099-MISC, not 1099-K. This is very good news as it uncomplicates things a bit if you have paid contractors partially with regular checks and partially with online bill pay.. The IRS, in...
