Originally, app users who made $600 or more selling goods and services would have been required to report those transactions to the IRS, a new threshold required by the American Rescue Plan passed in March 2021.
Instead, payment apps and online marketplaces will send out separate tax forms — called 1099K documents — for taxpayers who receive over $20,000 and make over 200 transactions selling goods or services.
For 2024, the basic reporting threshold will be increased from $600 to $5,000, the IRS said.
IRS officials say one reason for the delay is taxpayer confusion over what sorts of transaction are reportable.
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Denne historien er fra November 25, 2023-utgaven av Techlife News.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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CALIFORNIA SUES EXXONMOBIL AND SAYS IT LIED ABOUT PLASTICS RECYCLING
California sued ExxonMobil this week, alleging the oil giant deceived the public for half a century by promising that the plastics it produced would be recycled.
STRIKE BY MORE THAN 1,000 SAMSUNG WORKERS ENTERS A THIRD WEEK IN INDIA
A strike by more than 1,000 workers at a Samsung India Electronics plant has entered its third week, and management is at an impasse over their demands for recognition of the employees’ union and higher pay, a workers union spokesman said,
BIDEN ADMINISTRATION SEEKS TO BAN CHINESE RUSSIAN TECH IN US AUTONOMOUS VEHICLES
The Commerce Department said this week it’s seeking a ban on the sale of connected and autonomous vehicles in the U.S. that are equipped with Chinese and Russian software and hardware with the stated goal of protecting national security and U.S. drivers. `
GOOGLE BEGINS ITS DEFENSE IN ANTITRUST CASE ALLEGING MONOPOLY OVER ADVERTISING TECHNOLOGY
Google opened its defense against allegations that it holds an illegal monopoly on online advertising technology with witness testimony saying the industry is vastly more complex and competitive than portrayed by the federal government.
PHONE DEAL FOR VISITING FANS AT 2026 WORLD CUP PART OF VERIZON SPONSOR PACT WITH FIFA
Soccer fans arriving in North America for the 2026 World Cup have been promised help with their cell phone coverage from Verizon as part of a sponsor deal with FIFA announced this week.
UN EXPERTS URGE UNITED NATIONS TO LAY FOUNDATIONS FOR GLOBAL GOVERNANCE OF ARTIFICIAL INTELLIGENCE
A high-powered U.N. advisory body said that global governance of artificial intelligence is “imperative” and urged the United Nations to lay the foundations for the first inclusive global institutions to regulate the fast-growing technology.
CALIFORNIA BECOMES LATEST STATE TO RESTRICT STUDENT SMARTPHONE USE AT SCHOOL
School districts in California will have to create rules restricting student smartphone use under a new law Democratic Gov. Gavin Newsom signed this week.
DEPARTMENT OF JUSTICE SUES VISA. ALLEGES 7 THE CARD ISSUER MONOPOLIZES DEBIT CARD MARKETS
The U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.
ALMOST ALL SMALL BUSINESSES ARE USING A SOFTWARE TOOL THAT IS ENABLED BY AI
As the use of artificial intelligence is expands, more small firms say they’re harnessing AI to help their businesses.
APPLE BEGINS TESTING AI SOFTWARE DESIGNED TO BRING A SMARTER SIRI TO THE IPHONE 16
Apple is giving more people the chance to test a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks on the latest iPhone coming out.
