Ashlea Ebeling
speaker
2,002 appearances
38 recordings
1 series
first heard Jul 2022
last heard Feb 2025
Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.
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Appearances
So you'll know you have to pay that self-employment tax when you hit $400 in revenue.
So Congress put in the $600 threshold in a 2021 law to combat underreporting.
Then the IRS decided to phase it in with these thresholds every year because, well, first they delayed it for a couple years.
Then the IRS decided to
phase it in because online platforms complained about the extra record-keeping it caused, and they said taxpayers would be confused.
People complained it's unfair.
They're like, well, I'm trying to make a little money on the side.
Should I really have to deal with all this record-keeping and report it as income?
The point is, if you're making a profit, you do have to report it as income.
What happens if someone doesn't report these earnings to the IRS?
So if they get a 1099-K and fail to report it, it's likely the IRS automatic matching system will spit out this notice called a CP2000 notice asking about this discrepancy.
And those notices usually come out within a year or two after you file your return.
And basically at that point, you have to fess up.
And are there any penalties?
There can be underpayment penalties, but you can ask for a first-time waiver possibly.
And it also depends on the amount you're talking about, whether it's considered willful or not.
You'll get the form, and it also goes to the IRS.
So that's where the matching comes in.
When you get the form, you just have to make sure then that you're putting it in the right place on your tax return.
And again, even if you don't get the 1099-K form, all income does need to be reported.
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