Hey ,

I wanted to bring your attention to recent IRS updates on Form 1099-K, Payment Card, and Third-Party Network Transactions. 

Despite the recent announcement that the new $600 reporting threshold for third-party settlement organizations would be delayed and that 2022 would be a transition year, the IRS expects some taxpayers to receive payments based on this threshold in 2022.

The IRS’s updated FAQs, which were released on December 28, 2022, include examples of transactions that would not be reported under the existing rules. However, the IRS has taken no action to prevent third-party settlement organizations from issuing Forms 1099-K based on the $600 threshold for 2022, and taxpayers will be required to report those amounts.

So, this could affect some taxpayers as we file 2022 tax returns this tax season.

Please watch this full YouTube video that I recorded live, explaining this issue in detail.

If you want me to file your tax returns this tax season, follow the link below as soon as possible.

If you have any questions or concerns, please don't hesitate to contact my office at +1 202-618-1295. 

I would be happy to discuss your options and help you make the best decision for your business.

Thank you for considering me for your tax return filing needs. I look forward to working with you.

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.