Changes for Small Business Taxes

Beginning in 2022, if you receive more than $600 in digital payments it must be reported to the IRS. These payments include apps such as PayPal, Venmo, Cash App and others. Previously this income should have been reported on your tax returns. This year, these third party apps will be sending out 1099-K forms and reporting the revenue to the government. Check out this article and this article for more information.