January 1 could be interesting thanks to congress.

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#13

12-10-2022, 05:18 PM

Exhibitman Exhibitman is offline

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Quote:

Originally Posted by nwobhm

If it’s all just false BS then why was it lowered to $600?

Not saying you’re wrong… certainly not saying you’re right either. Whole lotta experts running their mouth yet it hasn’t happened yet.

Only way to know what will play out is watching it happen. When has trusting that .gov has nothing but honorable intentions played out well?

Just sayin’….

It wasn't just lowered. $600 has been the figure business reporting starts at for many years. The initial 1099 expansion was $20K. It has been phased in to eventually match the business threshold.

Don't get me wrong; I would rather they get rid of 1099s altogether. They are a PITA for my bookkeeper every January. They are not a reason to worry if you pay your taxes because all of the questions will flush out in the return.

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Last edited by Exhibitman; 12-10-2022 at 05:19 PM.

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