What’s new for freelancers in tax year 2022?
Do you use apps like PayPal, Venmo, or Square to accept freelance business payments? If so, you’ll need to pay close attention to the new tax reporting changes affecting these platforms that go into effect this month, especially if you do a significant amount of business through them. In an effort to reduce the amount of unreported, taxable income from these payment platforms, the IRS is now requiring digital payment app businesses to report, on a Form 1099-K, each of their user’s business transactions (defined as a payment for a good or service). Given that the threshold for reporting was