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The IRS will require 1099 filings for all transactions you made over $600 in 2022

This is a new requirement that will go into effect starting in Jan 2023, and the filings are due Jan 31. The IRS has stated the goal of this new requirement is to help track and collect taxes on transactions that occur outside of banking channels.

The claim from the IRS is this will help the IRS to identify and track tax evaders, but the minimum transaction amount of $600 indicates the target is everyone.

The new requirement will apply to all businesses and individuals that engage in transactions, specifically through Venmo and Paypal. This includes people that sell goods and services on the side.

The new requirement is causing widespread confusion and frustration among businesses and individuals. However, the law isn’t going to change—you must plan to file Jan 31 or face penalties.

We make it easy for you to file these with our FREE 1099 issuer.

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