New Scheme From IRS: Millions of Americans Will Be Targeted | Shorts | Facts Matter

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Starting this year, a new IRS rule goes into effect, requiring that “third-party payment networks like PayPal, Venmo, Amazon, and Square issue Form 1099-K when a user receives more than $600 in gross sales from goods and services transactions in a single year. Earlier, the threshold of gross sales was over $20,000.”

This means that previously, if you sold a few things on Amazon or eBay, it wouldn’t really matter. It would be treated the same as if you were running a little garage sale to sell off a few items, and that would be it. You would have had to sell over $20,000 worth of goods before getting a 1099 tax form.

However, starting this year, if you happen to be an American who made more than $600 by selling things online or even doing some freelance work, or by shoveling your neighbor's snow, the IRS will now be putting you under the scope, and forcing you to report this income as if it were an actual business venture.

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New Scheme From IRS: Millions of Americans Will Be Targeted | Shorts | Facts Matter
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