What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business?
In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss the changes in e-filing, covering the difference between 1099-NECs and 1099-MISCs, their uses, and their dues. The conversation revolves around the importance of adhering to tax rules to avoid penalties and the implications of the new 1099k rule for transactions made using cards or payment apps. They also cover the future outlook of this threshold for tax year 2024.
Tune in to learn more about the impact of newly-imposed e-filing changes and the recommended practices in choosing provisions for e-file providers!
[00:00 - 04:22] Understanding 1099s and Their Importance
[04:22 - 11:22] Understanding 1099-k and Its Implications
[11:22 - 18:05] E-filing Changes for 2023 Returns
[18:05 - 19:59] Conclusion and Final Thoughts
Quotes:
"The e-file threshold has been reduced from 250 forms to 10 forms... It's a huge change, it's a big reduction and it's going to affect a lot of businesses, even the smallest businesses." - Christina Wright
"E-filing... makes everything easier and it's cost-effective. It's not something that's going to break the bank."- Mike Jesowshek, CPA
Connect with Christina Wright!
Email: christina@spanenterprises.com
TaxBandits: https://www.taxbandits.com
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com