June 2021
Cryptocurrency: What’s It All About? Part 2: Spending Cryptocurrency
Submitted by Desmond Wealth Management, Inc. on June 22nd, 2021Congress Closes the PayPal 1099-K Reporting Loophole
Submitted by Desmond Wealth Management, Inc. on June 15th, 2021The PayPal loophole is going away in a little over six months from now.
You used to be able to avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. This pushed the reporting requirements to PayPal. Current federal law requires that PayPal file Form 1099-K with the IRS and send it to you when: