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1099-K Overload: How to Protect Your Clients and Your Practice

1099-K OVERLOAD: HOW TO PROTECT YOUR CLIENTS AND YOUR PRACTICE

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 29, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

On March 11, 2021, the American Rescue Plan Act was passed. Among many other provisions, this bill dramatically changed the reporting requirements for Form 1099-K: Payment Card & Third-Party Network Transactions. Previously, payment processing companies were not required to file an informational 1099-K reporting gross transactions unless there were at least 200 transactions AND at least $20,000 in payments.

Beginning in 2022, the threshold has been lowered to $600 in gross payments and ONE transaction. With the growth of peer-to-peer payment platforms like Venmo & Zelle and casual online resale marketplaces such as Facebook marketplace, the new reporting thresholds have the power to disrupt the lives of taxpayers and tax pros, after several turbulent tax seasons in a row.

This webinar will explore best practices for your tax practice and explore tools to help prevent your taxpayer from being audited.

Learning Objectives:


  • Evaluate the changes to the 1099-K reporting requirements and how companies are responding

  • Recognize best practices to update your tax prep client onboarding process

  • Determine the role IRS transcripts and transcript software can play in catching unreported income, saving your client major headaches

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Taxmentor

Catharine is a skilled attorney with diverse experiences in managing client relationships and employees. Since 2012, she has successfully helped clients and employees navigate the complex and bureaucratic rules of the Internal Revenue Service.

About Our Presenter

Taxmentor
From the makers of Tax Help Software comes the next GAMECHANGER for the Tax Industry. Created by tax pros for tax pros, Tax Mentor is your go-to resource for practical and principled tax resolution training.

So many tax professionals struggle to make a profit in the tax resolution space that they often give up, possibly losing long-term tax clients in the process. Tax Mentor’s revolutionary custom consultation report allows tax pros of all levels to benefit from the decades of experience at Tax Mentor.