Tuesday, July 12, 2022

The tax man cometh

If you want to be productive and avoid interruptions, you first have to accept this brutal truth. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
INC. THIS MORNING
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The tax man cometh

Good morning,

Tax season is getting more complicated for small businesses.

The minimal reporting threshold for peer-to-peer payment platform transactions has decreased from $20,000 (or 200 transactions) to just $600, because of a provision in the American Rescue Plan Act of 2021. That means that businesses that use platforms like Venmo, Cash App, PayPal, and even storefronts like Etsy and eBay can expect to receive 1099-K forms for 2022. To be clear, businesses have always been obligated to report their income to the IRS--but this new law may open up more businesses to audits if they don't correctly report their earnings.

Read on for what you need to know about the new rule–and how to make the 2022 tax season as stress-free as possible.
 
 
 
Building a Company for the Next Generation

How Allbirds Went From a Soccer Player's Side Hustle to a $2 Billion Sustainable Brand.

 
 

 
A MESSAGE FROM tripactions
State of Business Travel and Expense: Q1 2022
Business travel and expense is back—and TripActions has the data to prove it. Check out this report to see first hand data on 2022’s return to travel.
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Here's what else I'm reading today:
This is the only reason startups should raise venture capital. –Inc.

Research shows you can reset your exhausted brain with small doses of "soft fascination." –Inc.
 
The productivity hack that makes Impossible Foods possible. –Inc. Podcast
 
Habits don’t work for everyone. Here’s what to do instead. –Fast Company
 
This company is betting kids will return to the office, even if parents stay home. –Bloomberg Businessweek
One more thing:

If you want to be productive and avoid interruptions, you first have to accept this brutal truth. –Inc.
 
 
This newsletter was written by Inc. staff reporter Rebecca Deczynski. How are we doing? Send us ideas and feedback on Twitter.

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