Purchase any WEBINAR and get
10% Off
Validity : 20th Nov'24 to 30th Nov'24
Form 1099-K is used to report certain payment transactions including payments by payment cards (credit, debit, or stored value cards) and payments in settlement of third party network transactions or through third party settlement organizations. Such organizations, for example, include PayPal, Uber, Venmo, and Air B&B.
According to the IRS, Form 1099-K reports the gross amount of all reportable transactions processed by a reporting entity, such as a payment card processor or third-party network. However, some third parties may also report non-reportable transactions, such as splitting the check for a non-business meal in a restaurant.
This webinar will cover the latest updates for Form 1099-K including the change in the reporting threshold for 2022 Forms filed in 2023. It will discuss issuers, recipients, and reportable transactions, and provide examples of how amounts should be reconciled and reported on recipient tax returns.
The threshold for reporting transactions reportable on Form 1099-K to payees has been reduced for third-party settlement organizations from $20,000 and 200 transactions to $600 dollars. Many small businesses and non-business selling goods and services will be receiving these forms. Because some transactions are not taxable or there may be duplicate reporting, it is important for recipients and their tax professionals to know how to reconcile and report amounts included on 1099-K to achieve a compliant tax return, avoid paying tax on nontaxable items and avoid unnecessary correspondence from the IRS.
After this webinar you will:
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org