business taxes, Family Tax Issues, General Information, TAX DEBT RELIEF, Tax Reduction, TAXES

HIDING INCOME FROM THE IRS? HOW WILL THEY FIND OUT?

“In plain English, the IRS compares what businesses owners say their profit is in relation to expenses, to what other people in the same industry say their profit is in relation to expenses.”

General Information

IRS CHANGES MIND ABOUT $600 REPORTING THRESHOLD FROM VENMO, PAYPAL, & OTHER THIRD PARTY NETWORKS.

Here in our Chicago south loop tax preparation office, and our Homewood Illinois tax preparation office, we have heard from many people that were afraid of the IRS’s pending requirement of having platforms such as Venmo, Cashapp, PayPal, etc. start reporting transactions over $600 that the user received. In addition to platforms reporting, many people were afraid that their… Continue reading IRS CHANGES MIND ABOUT $600 REPORTING THRESHOLD FROM VENMO, PAYPAL, & OTHER THIRD PARTY NETWORKS.