[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-305049-105":53,"doc-detail-305049-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","payment-app-reporting-faq-1099-k-guide","Payment App Reporting FAQ - 1099-K - Guide","","Effective for the 2022 tax year, third-party payment organizations are required to issue IRS Form 1099-K to customers who receive $600 or more through their apps, and to file corresponding copies with the IRS and state tax agencies. It explains what a 1099-K is, how the prior $20,000/200-payment threshold worked, and why the change affects reporting rather than increasing taxes on goods or services. 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Its purpose is to help ensure income received through TPSOs is reported on the recipient’s tax return.",{"name":115,"@type":106,"acceptedAnswer":116},"How should household employers handle payments to a nanny or reimbursements to reduce tax-time issues?",{"text":117,"@type":109},"To avoid problems at tax time, families are recommended to avoid using TPSOs for paying wages and for processing employee reimbursements, since many payroll services offer a non-taxable reimbursement line item.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},305049,1790423913,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":9,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":4},1374391974564,"https://ap-avatar.wpscdn.com/avatar/14000253aa45c000a9e?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779874745381141002","What exactly changed?  \nEffective the 2022 tax year, third-party payment organizations (TPSOs) such as Venmo and PayPal are required to issue a 1099-K for customers receiving income of $600 or more through their app. They are also required to file a corresponding copy with the IRS and state tax agencies.  \nPrior to this new law, TPSOs were only required to issue a 1099-K for individuals receiving more than 200 payments totaling $20,000 or more during the year.  \nNote: Payments received for goods and services were already supposed to be reported as income, so this new rule is technically not a tax increase –just a change in the reporting requirements.  \nWhat is at 1099-K?  \nA 1099-K is a tax form issued by a third-party payment organization (TPSO), such as Venmo or PayPal, that reports transactions made via the TPSO. The purpose of the form is to ensure that income received through TPSOs gets reported on the recipient’s income tax return.  \nWhat does this change mean for household employers and employees?  \nTo avoid headaches for their nanny at tax time, we recommend that families avoid using TPSOs to make payments to their nanny. In addition to avoiding TPSOs for paying wages, we also recommend avoiding them for processing employee reimbursements. Most payroll services provide a non-taxable line item that can be used for reimbursements.  \nI’ve been using Venmo to pay my nanny but haven’t been handling any of the “nanny tax” requirements. What will it cost me to start paying above board?  \nDealing with the “nanny tax” requirements can feel overwhelming for busy families. The good news is the tax breaks available when paying above board typically offset most of the employer taxes.  \nFor more information about nanny taxes, dependent care tax breaks, or how the HomePay service makes paying legally easy and affordable, visit [partners.myhomepay.com](partners.myhomepay.com) or contact our dedicated team of experts at [partners@myhompay.com](partners@myhompay.com) or 877-367-1969.","cbCaianSoRZIiW8L","https://ap.wps.com/l/cbCaianSoRZIiW8L","pdf",166604,"English","# Overview of the change\n## What exactly changed\n# Understanding 1099-K\n## What is at 1099-K\n## What does this change mean for household employers and employees\n# Practical implications\n## Costs and tax breaks for paying above board","[{\"question\":\"What changed for third-party payment apps starting with the 2022 tax year?\",\"answer\":\"TPSOs such as Venmo and PayPal must issue a 1099-K for customers receiving $600 or more through their apps, and must file a copy with the IRS and state tax agencies.\"},{\"question\":\"What is a 1099-K and what is its purpose?\",\"answer\":\"A 1099-K is a tax form issued by a third-party payment organization that reports transactions made via the TPSO. Its purpose is to help ensure income received through TPSOs is reported on the recipient’s tax return.\"},{\"question\":\"How should household employers handle payments to a nanny or reimbursements to reduce tax-time issues?\",\"answer\":\"To avoid problems at tax time, families are recommended to avoid using TPSOs for paying wages and for processing employee reimbursements, since many payroll services offer a non-taxable reimbursement line item.\"}]","Payment App Reporting FAQ - 1099-K - Guide | PDF",1789821436]