Significant IRS Form 1099-K Reporting Updates Affecting the Gig Economy
How these modifications will impact reporting for the 2022-23 tax year? The IRS’s 1099-K reporting process is about to undergo significant modifications. The gig economy as a whole as well as third-party payment processors may be significantly impacted by this. The American Rescue Plan Act (ARP), which was passed in 2008, places a strong emphasis on streamlining and enhancing IRS reporting. One way to do this is to update Form 1099-K, which is used to report electronic payments. Here is a brief summary of the changes made to this form and who they will now impact. Foundation Information about Form …
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