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.
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