This New Tax Rule Will Affect You If You Use Online Payment Apps!

Dear business owners, in this upcoming year, your merchant processor will start requesting you to provide your tax information like your EIN (Employer Identification Number), ITIN (Individual Tax ID Number), or SSN (Social Security Number). Surprised? This is because the IRS is now asking third-party electronic payment companies (including PayPal, Venmo, and Square) to disclose to the IRS a user's business transactions if, in aggregate, they total $600 or more for the year. This new reporting requirement doesn’t change a business owner’s tax responsibilities if they have been reporting their income correctly. However, if you have not complied, it is time to ask for help. Have questions? You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. #business #tax #IRS #taxes #businesstaxes #taxplanning

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https://www.cnn.com/2021/11/09/success/payment-app-tax-reporting-feseries/index.html