1099-apoKalypse is Coming

It’s projected that the IRS will receive around 30M more 1099-K’s than in prior filing years.

If you recall, in 2021 Congress lowered the reporting threshold to $600 for third-party merchant vendors like Venmo, eBay and PayPal. Previously this threshold was at $20,000 and 200 transactions per year.

So what does this mean for the average taxpayer? They’re going to be sent more forms, which means more of a compliance burden, and more of a chance for things being messed up.

So what can you do if you receive a 1099-K in error? First, panic. Just kidding, DON’T panic. Here are some instructions straight from the IRS on what steps you can take in that situation.