mrgaebel.com - M.R. Gaebel - Experienced Accountants in Northern New York (NY)

Description: For all your personal tax services, personal finance, bookkeeping, & small business payroll needs in Carthage & Northern NY, turn to the professionals at M.R. Gaebel.

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A new law that requires cash apps and online marketplaces, including Venmo and eBay, to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.

Under the rule, e-commerce and digital payment platforms that transfer money from a buyer of goods or services to a seller must issue the recipient a Form 1099-K if they receive $600 or more in a calendar year. The Internal Revenue Service will also get a copy of the form, which details who got paid and through which third-party service. Lawmakers severely shrank the previous reportable threshold — $20,000 earned through at least 200 transactions — last year as part of the $1.9 trillion stimulus bill known

BRADFORD TAX INSTITUTE

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