Selling online or using payment apps? Dr. Friday explains the latest IRS updates to 1099-K reporting and what income levels trigger the form.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The 1099-K—we all know that’s been coming around. The last couple of years they kept threatening to do it if you made more than $5,000, and then $20,000, and then over $600 was going to be the current year.

It was appealed to send 1099-Ks out to anyone that made over $600. That has been changed. It has to now be over 200 transactions or over $20,000 to get a 1099-K. That’s good news!

Doesn’t mean you don’t need to report it, doesn’t mean it’s not important to have on your taxes—it just means you won’t have a report that you’re going to be giving us. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .