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Summary
If there’s one thing your business can count on, it’s taxes. Given IRS requirements to report any non-wage income on various 1099 forms, Debbie Pflieger, an EY Americas Financial Services Tax Principal, Information Reporting and Withholding Services Leader, joins the show to advise you on important details to include, and how to classify your workers as independent contractors vs. employees. She also reviews recent changes to 1099-K reporting, for anyone receiving more than $600 in third-party online payments (such as PayPal, Square, Airbnb, etc.) in 2022, and what it means for your business.
Topics include:
2:20 - What are 1099s, and how do they work?
3:43- Nuances of a 1099-K ...
4:23 - ... 1099-NEC, 1099-INT, and 1099-DIV
5:28 - Due dates for IRS and payees
7:05 - SSN, EIN, ITIN for payees is a must
9:28 - Worker classification: employees vs. contractors
11:16 - Matching names, SSNs also critical
14:44 - What about corporations?
15:45 – 2022 change: 3rd party online income $600+ reported
19:35 - Document all expenses tied to online income
20:48 - PayPal, Square, other apps requesting EINs, SSNs ...
22:22 - ... to help you avoid 24% withholding requirements
23:46 - How to report payments to foreign vendors
Employment tax reporting is a big responsibility. Our article helps you get familiar with the basics.
The IRS requires your business to treat payments to independent contractors vs. employees differently. Learn what you need to know about worker classification.
How can your business prepare now for your 2022 tax year responsibilities? Read our article for tips.
