With the change in reporting threshold under ARPA more 1099Ks will be sent to our clients in coming years. They will be coming from peer to peer payment services where we have not seen them before. We will find out that our clients may have neglected to tell us about a side gig or 2, what do we do. Over the course of this session we will go over what we need to do now to warn our clients and how we need to report the the information on the next years tax return. There is also the potential of needing to amend prior years tax returns based on what our clients tell us.

• Obtain a background of the 1099K
• Learn how to explain to your client why they received one
• Understand how to report this information on the tax return
• Learn how to deal with comingled 1099K