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In true IRS form, they are on a mission to try to collect more tax revenue. Part of that revenue comes in the form of the payments we, as a society, have grown to love because of the convenience. Those payments include things like Venmo, Cash App, Paypal, etc.

The requirement for a 1099K to be sent is when payments of $600 are received. So what happens when you go on a vacation, and your friend pays you $750 via Venmo for their portion of the AirBnB? Are you required to report that income?

It's about to get complicated, and unfortunately, the rules don't make it very clear. In this episode of By the Books, Lindsay is joined by Trey Rush, Owner of Pay Tech Plus. They break down these new rules, what businesses should expect, and some of the things that you can do now to help to keep this gray area as black and white as possible.

To reach Lindsay Kline, email info@sakline.com or visit sakline.com. You can also reach them at 866-266-5738.

Would you like some help with merchant services? Then email Trey at info@paycheckplus.com