Leaderboard

"WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) including Venmo, PayPal and CashApp that would have generated Form 1099-Ks for taxpayers. “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements." It would have been a real struggle for the IRS to deal with the big increase in 1099 K filings, which would have made it harder for the IRS to deal with all of the other various processing difficulties, Wise Decision!

Uncommon sense prevails?

Merry Xmas to all. With the weather today I've stayed home and am reading a pdf copy of The Logic of Subchapter K I found online. We'll see how this goes.

I, too, really appreciate the information that I can get from the people on this board. Bur even more i appreciate the camaraderie I find here. I hope that everyone has a Merry Christmas, a Joyous New Year, and that this tax season will be smooth sailing for all of us!

News reports are saying this amendment did not get in the final bill.

Personally, I think that too many people, clients included, rely on their phones for all of their information. I just cringe when they come in with all of their banking info; bookkeeping, etc on their phone. I rarely read email on my phone, just check it occasionally to get rid of all the junk. I am a firm believer in PCs with external hard drive or USB backups. Just my old-fashioned thinking. I would be lost without my phone, but I consider it to be more of a personal friend than a business friend. I keep it updated with my business information simply because there are so many who do not and will not contact you in any other way. More of my time is wasted in texting for appointments and/or tax questions; than in any other portion of my business.

Thank you, my friends here at the ATX Forum, for being such a wonderful group and such a wonderful resource for yet another year. May you all have a wonderful holiday season with family and friends, and a terrific year in 2023.

Are you saying that you are changing your password because the system says you must? I just went through that, and there was some verbiage about the password requirements (however many characters, l number, l letter, etc). Is your attempted password compliant? Also, the new password can't resemble any you've used before. (If you started with Tax 88, the new one can't be Tax 89). Try coming up with a unique password and let us know how it goes.

I wonder if just by coincidence he is looking for a new tax preparer? As others have mentioned there is a high bar for raising a gambling activity to the level of a trade or business; and allowing deductions that would otherwise go on schedule A instead of C.

This morning my one year old cell phone for which I have a protective cover and I haven't dropped started rebooting over and over. Phone support had me pull the sim card plus hold down both the on/off button and the volume button at the same time. Don't work. Sometimes modern technology doesn't work. Plus without my phone working, I can't log into my gmail account. Aaaargh

I just got a complaint that we are masking SSN on the employee W2 forms... a financial service provider! I also got a complaint that I sent back an order, because the charge card was not a valid number. The complaint was I violated PCI. PCI only applies to valid cards and their data, and when I don't send the invalid number, inevitably I have to anyway, as the person says they entered it correctly and my system is the problem. Tech has certainly changed things. No more Abagnale skills are needed for check fraud, anyone you ever give a check to has all they need to access your account, such as printing their own checks. Actually had this discussion yesterday, as someone was trying to convince me check by phone was safer than a charge card.

I understand. There is a child that I have never met. I know that my first responsibility is to try to contact the husband alone. It is already out of hand IMO. Lady will not be happy about including husband because she already is upset because she thinks he is interfering. Very delicate situation, but Thank You All for your input. In the meantime, I will pray for someone from that side to step up to the plate and contact me. Let us all have a Very Happy and Untroubled Holiday Season!

The same to you also, young lady..

Appreciate everyone taking time to respond to this. Glad to be having these discussions ahead of the craziness that is to come with tax season.

That's interesting as he admits his gambling acitivity is equivalent to a part time job. A part time job doesn't cut it. It has to be on a full time basis and be necessary for a livelyhood. In Groetzinger, 480 U.S. 23 (1987), the Supreme Court established the professional gambler standard: "If one's gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business.

Please join me in making a donation to support our community.