2024 May Solutions Room: 1099K Rules changed have our clients told us everything?

Description

2024 May Solutions Room: 1099K Rules changed have our clients told us everything?
IRS Program #: X9QQU-T-01133-24-S
CTEC #: 6257-CE-0294
CE: 1 IRS & 1 CTEC credit
Speaker: Alan Pinck, EA

With the change in reporting threshold under ARPA more 1099Ks will be sent to our clients in coming years. They will be coming from peer to peer payment services where we have not seen them before. We will find out that our clients may have neglected to tell us about a side gig or 2, what do we do. Over the course of this session we will go over what we need to do now to warn our clients and how we need to report the the information on the next years tax return. There is also the potential of needing to amend prioryears tax returns based on what our clients tell us.

Learning Objectives:

Obtain a background of the 1099K.
Learn how to explain to your client why they received one.
Understand how to report this information on the tax return.
Learn how to deal with comingled 1099K.

Contributors

Alan Pinck, EA

Alan Pinck is an enrolled agent with 30 years of tax preparation experience in the Silicon Valley. Alan has built a practice specializing in individual, small business tax preparation and audit representation. Alan, a nationally recognized presenter you have seen him at NTPI events, the moderator of Tax Talk Today, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in examination, Alan has obtained tremendous insight of the exam process as well as knowledge on a wide variety of tax issues. His real world approach and stories bring his sessions to life!