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New IRS $600 Reporting Rule Starting Jan. 1st!

2 min read

Have you heard the news?

Starting in early 2023, people are to report transactions of at least $600 made through apps such as Venmo, PayPal Cash App, etc. what does this mean? It means anyone who earns $600 or more per year on payments received through these apps will receive a tax form 1099-K. This form records that a third-party payment network transferred at least $600 to you during the year. Filling this out allows the IRS to keep track of the money you are earning and requires you to pay taxes on it.

The rule does not apply to noncommercial payments, such as paying someone back, or singular transactions such as selling an old piece of furniture. However, if a user forgets to select the "friends and family option," that 1099-K form is coming your way. 

Failure to file this with your taxes could trigger an audit since the IRS obtains a copy of Form 1099-K directly from the third-party payment facilitator.

Is it fair? What can be done about this? We can help. 

Liberty Aid Academy's Trust 101 course guides you on a journey to operating a successful tax-exempt trust called a 508(C)1a. This trust DOES NOT REPORT TAXES, as legally, it falls under a tax-exempt entity. It is run like any other bank account that you have. You open it up at a bank, they give you a card, and you can even build credit and get access to unlimited business credit! Anything that comes into and out of the trust is NON-TAXABLE. That means any third-party payment app attached to your trust will know NOT to send you a 1099-K because you will have given them your tax-exempt trust information. 

It's a simple and quick process using our Trust 101 course. Liberty Aid Academy will teach you everything you need to know about operating a tax-exempt trust that any individual or business can use.

If you are interested in learning more, Co-founder John McCaig, MBA, is hosting a private live stream on Thursday, December 29th at 6 PM EST on exactly what this means for you and how the trust can help you keep your eCommerce freedom!

Follow this link to sign up:

https://libertyaidacademy.org/collections/courses/products/private-live-stream-irs-600-reporting

 



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