Hi Jeff/all,
I encountered this issue a few weeks ago for a tax client with a short
term rental property. Apparently, 2022 is a "transition" year for the
new requirements for producing a form 1099K -
https://www.irs.gov/businesses/understanding-your-form-1099-k
This VRBO page might be easier to read for some -
https://help.vrbo.com/articles/About-1099-K-tax-form-reports
I do not know what your state requirements are (I don't even know what
state you are in), but the form 1099K is a federal form, and the company
that you are dealing with may be right that they are not required to
produce a form 1099K for you for 2022, just FYI. It reminds me of that
old Greg Palast (https://en.wikipedia.org/wiki/Greg_Palast) phrase, "The
best democracy money can buy."
In other IRS/US tax news -
https://www.propublica.org/article/how-to-file-taxes-for-free-without-turbotax
Brad
On 3/29/23 23:43, Jeff wrote:
The IRS threw me a curve ball this year (imagine that). One of their
tax forms went from $600 minimum to you, to $20,000 "AND" more than
200 transactions in 2022. Is there someone out there that can hold my
hand and show me how to export those transactions to a spreadsheet to
see if we fall into that level at the federal level, since there are
no reporting features in GNC that total $ and number of transactions,
at least that I am aware of? I have not used spreadsheets for much of
anything since my college days, shall we say decades ago, so rusty is
an understatement.
The real kicker is my state sets the minimum at $1,200, period.
The company involved, has so far refused to provide me with a copy of
the 1099 involved. It may or may not meet the federal level but I
know for a fact that it passes my states $ level of $1,200.
Don't you just love our tax system in the U.S.A.? NOT!!!!!
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