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Money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable, even if they exceed $600.00.
If the total BUSINESS transactions in any of your accounts exceed $600.00, for example, checking and savings accounts, PayPal, Venmo, and CashApp, those banks and payment systems will be forced to issue you a 1099 form, most likely a 1099K.
That form looks like this.
If you receive this form, that means the IRS has been told you have BUSINESS income. If you didn’t have any business income, and did receive a 1099-K reflecting income you didn’t earn, call the issuer.
The IRS cannot correct it.
You eventually will have to prove that these transactions are not income or you will be forced to pay tax on them.
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Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County
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