{"id":4213,"date":"2022-01-02T11:38:47","date_gmt":"2022-01-02T10:38:47","guid":{"rendered":"http:\/\/costops.com\/index.php\/2022\/01\/02\/theres-a-new-tax-rule-for-us-small-business-owners-what-to-make-of-it-gene-mark\/"},"modified":"2022-01-02T11:38:47","modified_gmt":"2022-01-02T10:38:47","slug":"theres-a-new-tax-rule-for-us-small-business-owners-what-to-make-of-it-gene-mark","status":"publish","type":"post","link":"http:\/\/costops.com\/index.php\/2022\/01\/02\/theres-a-new-tax-rule-for-us-small-business-owners-what-to-make-of-it-gene-mark\/","title":{"rendered":"There\u2019s a new tax rule for US small business owners. What to make of it? | Gene Mark"},"content":{"rendered":"

The IRS will look into the digital payment service accounts of small businesses, freelancers and independent contractors<\/p>\n

A new tax rule will impact millions of small businesses in 2022. You can thank one small change buried in the American Rescue Plan Act of 2021.<\/p>\n

Let\u2019s suppose you\u2019re a small business owner or freelancer, and you get paid from a digital payment service like PayPal<\/a>, Venmo<\/a>, Zelle<\/a>, Cash App<\/a> or any third-party settlement provider that\u2019s accepting credit cards on your behalf and putting money into your bank account. If those payments were for goods and services that you sold to customers, it was previously up to you to make sure you were reporting that income on your tax return. But now, beginning in 2022<\/a>, if you receive more than $600 in total during the course of the year \u2013 regardless of how many customers are paying \u2013 your payment service is required to report that amount to the IRS.<\/p>\n

Continue reading…<\/a>
\nThe IRS will look into the digital payment service accounts of small businesses, freelancers and independent contractors
\nA new tax rule will impact millions of small businesses in 2022. You can thank one small change buried in the American Rescue Plan Act of 2021.
\nLet\u2019s suppose you\u2019re a small business owner or freelancer, and you get paid from a digital payment service like PayPal, Venmo, Zelle, Cash App or any third-party settlement provider that\u2019s accepting credit cards on your behalf and putting money into your bank account. If those payments were for goods and services that you sold to customers, it was previously up to you to make sure you were reporting that income on your tax return. But now, beginning in 2022, if you receive more than $600 in total during the course of the year \u2013 regardless of how many customers are paying \u2013 your payment service is required to report that amount to the IRS. Continue reading…Technology | The Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS will look into the digital payment service accounts of small businesses, freelancers and independent contractors A new tax rule will impact millions of small businesses in 2022. You can thank one small change buried in the American Rescue Plan Act of 2021. Let\u2019s suppose you\u2019re a small business owner or freelancer, and you …<\/p>\n

There\u2019s a new tax rule for US small business owners. What to make of it? | Gene Mark<\/span> Read More »<\/a><\/p>\n","protected":false},"author":0,"featured_media":4214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/4213"}],"collection":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/comments?post=4213"}],"version-history":[{"count":0,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/4213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media\/4214"}],"wp:attachment":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media?parent=4213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/categories?post=4213"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/tags?post=4213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}