colorgoddess
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03-05-2022
06:47 AM
Hello, I'd like to know if you will still be sending 1099s since those paid with paypal will receive a 1099K due to the new laws. The way I read it you should NOT send a 1099 if you pay via paypal, venmo, etc, now. The reason being is it will show that my income is double what I actually earned - since by law you must claim all 1099's. Even Turbo Tax suggestion is WRONG when it says you can simply deduct the double in earnings section because that still will show your gross earnings as doubled - potentially putting you in a higher tax bracket as well. There is going to be a lot of glitches next tax season as most of us would like to avoid a knock on the door by the IRS.
Thank you so much.
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