Update: IRS Postpones Implementation of $600 Form 1099-K Reporting Threshold until 1/1/24

Online Marketplaces or "TPSOs" required by IRS to send sellers Form 1099-K for sales of $600 or more in 2022.   Article Summary   Update: The new IRS notice creates a transition period of one year, postponing the $600 Form 1099-K threshold until the January 31, 2024 reporting date. In essence, … [Read more...]

A Guide To Cryptocurrency Taxes

Cryptocurrency Tax Consulting | Millan & Co. P.C. | Certified Public Accountants   Cryptocurrency Tax Guide Summary   Cryptocurrency Taxes 101 Taxable and non-taxable crypto events  Calculating cryptocurrency tax Accounting methods for cryptocurrency Capital Gains and Cost Basis FIFO, LIFO … [Read more...]

PayPal, Venmo And Most Payment Apps To Report Payments of $600 Or More To IRS In 2022

Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022.   Article Summary   Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]