The IRS is delaying the implementation of a new tax reporting threshold for mobile payments that was set to take effect for the upcoming tax filing season. Here’s what it means for babysitters and household employees.
The IRS recently reminded taxpayers about the new tax-reporting threshold when receiving payments through mobile payment apps like Venmo or PayPal. If you receive $600 or more from these third-party payment platforms for work, side jobs, or selling goods, you’ll get a Form 1099-K in January.
A new tax reporting rule on mobile payments – aimed at businesses that underreport their income – may be having an unintended impact on wealthy families. Here’s why and how household employers should respond.
Mobile payment apps like PayPal and Venmo have made financial transactions easy for any number of situations including paying a nanny or babysitter. However, a new tax reporting rule may change all that. Here’s what you and your childcare provider need to know.
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