Re:U.S. Treasury seeks reporting of cryptocurrency transfers
by _delirium on Thursday May 20, 2021 @11:29PM
(#27230155)
That's the current threshold for some other kinds of 1099 forms, e.g. 1099-MISC for freelance income.
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Re:U.S. Treasury seeks reporting of cryptocurrency transfers
by IG_Semmelweiss on Thursday May 20, 2021 @11:46PM
(#27230269)
Correct. But 1099 mis income requirements are largely not enforced because it would be expensive and unpopular if they focused on the lemonade stand of Ms Jane. So, there is a ton of noncompliance.
The IRS is going upstream on those transactions, by enforcing compliance at the pay processor level.
At that point,there is no mistake. You got a 1099k, and you chose to ignore it. The onus is no longer on the customer to send you a 1099. Its on the money processing service.