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New IRS $600 Reporting Rule | More Taxes on Small Business & Side Hustles?

Video Credit: Rumble - Duration: 39:33s - Published
New IRS $600 Reporting Rule | More Taxes on Small Business & Side Hustles?

New IRS $600 Reporting Rule | More Taxes on Small Business & Side Hustles?

There still seems to be a lot of confusion around the new IRS tax reporting threshold of $600 starting in 2022.

No, the actual IRS tax law has not changed, only the IRS reporting requirements for online payment platforms. Anyone who generated a profit from selling anything online is expected to report income and pay income taxes regardless of whether or not they received a 1099-K.

This includes popular online third-party payment processors Etsy, eBay, PayPal, Venmo, Facebook Marketplace, and Cash App.

Prior to this year, the old threshold was $20,000 per year and at least 200 transactions.


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