As tax season nears, mailboxes and inboxes across the country are filled with tax forms. This year, confusion is already swirling around changes to Form 1099-K. While those form changes won’t officially kick in until next tax season, here’s what you need to know in 2022.
What is Form 1099-K?
Form 1099-K, Payment Card and Third Party Network Transactions, is used to report certain payment transactions to taxpayers and the IRS.
A reportable payment transaction means a payment card transaction or a third-party network transaction.