Hi, welcome to the rundown. Good to see you. And you can see I'm not in the studio again this week, I am still home recovering from covid 19, finishing out my quarantine. I feel great back in studio next week, that's the plan. But the rundown must go on. We have some important stories to tell you about, including the I. R. S. Just out with some important dates for you to mark down about filing your taxes this year. The first date I want you to mark down january 14th, the I. R. S. Says this is the first day, january 14th that the I. R. S. Free file program will be open for business. This is for you if you're making $73,000 or less. So if you made $73,000 or less than 2021 They allow you to file before everybody else to get your refund in and your return in faster. And if you're using any of the professional services that help you file electronically for free, that's the day that opens for everybody else. The date is January 24. So on January 24, that's when filing begins for everybody to get your returns in And to try to get your refunds faster. Here's another date I want you to know about this year's tax deadline. It's actually a couple of days later than it usually is taxes are due April 18 this year. Except if you live in Maine or Massachusetts. If you live in Maine or Massachusetts you actually get a little extra time because it's patriots day that falls on the 18th. So your deadline slides back a day to april 19th. Remember the I. R. S. Is super backed up because of the pandemic. So if you want your refund on the earlier side, try to get your return in as soon as possible because it could take a little extra time. Our next story while we're speaking of taxes, some changes if you use Paypal Venmo or Zelle, those payment services starting this year. If you spend $600 or more in transactions on those sites, the I. R. S. Is going to know about it. Paypal Venmo and Zelle are going to report it. But here's the good news. It's only for business transactions. So if you have a side hustle and you're selling goods or services and you make more than $600, it will be reported to the irs. But if you're just paying rent to your friend or for some dinner or for some pizza and it's personal, it will not be counted. Financial experts say, check the Q and A pages on Paypal then Moselle to find out the exact details about when they'll be reporting to the I. R. S and how you fit into it. Next, I want to talk about Tiktok and you remember we used to go to doctor's offices and will be do, do, do, do do that elevator music kind of lulling you to sleep now from doctor's offices, two bars, two restaurants. You may see some Tiktok, there's a streaming service out there called atmosphere. And they're gonna be putting people on it where they collect all of the most popular Tiktok is going on from cooking. Two challenges to just about anything you can think of on Tiktok putting them together and they're going to be allowing them to be streamed in doctor's offices and bars and restaurants and places like that. The streaming services called atmosphere. So look for that soon. Some entertainment while you're waiting for the Doctor. Hope all is well, we'll see you back here again next week for the rundown back to you.
Rossen Reports: New tax rule for payment apps
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Updated: 11:53 AM CST Jan 20, 2022
This year's tax season comes with a new change for payment apps such as Venmo, PayPal, Zelle or Square.Those apps will have to start reporting business transactions if they're $600 or more per year. If you have a side hustle like selling goods or services on Etsy — this means you.Before this change to the tax code was signed into law, mobile payment apps only had to tell the IRS when a person had over 200 commercial transactions that exceeded $20,000 in total value, per year. Now, if someone receives a business payment for $600 or more, the payment app must file a Form 1099-K to report the commercial income that was collected on the app.Remember, this doesn't apply to other payments, like sending your roommate rent money or splitting the tab at dinner. Those personal transactions will not be taxed. Financial experts say if you do own a business and collect payments through these apps, check the Q&A pages on their websites. They post about how they're dealing with the new tax change and everything you need to know. You can also visit this FAQ page on the IRS website. A note from Zelle: "The law requiring the issuance of forms 1099K applies to third party payment networks that handle the settlement of funds. Payments between friends and family, and eligible small businesses sent through the Zelle Network® are not subject to this law because Zelle® facilitates messaging between financial institutions, but does not hold accounts or handle settlement of funds. If payments received on the Zelle Network® are taxable, it is the consumer or organization’s responsibility to report them to the IRS. If consumers have any questions about their tax obligations, we advise them to consult with a tax professional. For more information, please visit our FAQregarding this. —Early Warning Services, LLC., the network operator of Zelle®."
This year's tax season comes with a new change for payment apps such as Venmo, PayPal, Zelle or Square.
Those apps will have to start reporting business transactions if they're $600 or more per year. If you have a side hustle like selling goods or services on Etsy — this means you.
Before this change to the tax code was signed into law, mobile payment apps only had to tell the IRS when a person had over 200 commercial transactions that exceeded $20,000 in total value, per year. Now, if someone receives a business payment for $600 or more, the payment app must file a Form 1099-K to report the commercial income that was collected on the app.
Remember, this doesn't apply to other payments, like sending your roommate rent money or splitting the tab at dinner. Those personal transactions will not be taxed.
Financial experts say if you do own a business and collect payments through these apps, check the Q&A pages on their websites. They post about how they're dealing with the new tax change and everything you need to know. You can also on the IRS website.
A note from Zelle: "The law requiring the issuance of forms 1099K applies to third party payment networks that handle the settlement of funds. Payments between friends and family, and eligible small businesses sent through the Zelle Network® are not subject to this law because Zelle® facilitates messaging between financial institutions, but does not hold accounts or handle settlement of funds. If payments received on the Zelle Network® are taxable, it is the consumer or organization’s responsibility to report them to the IRS. If consumers have any questions about their tax obligations, we advise them to consult with a tax professional. For more information, please visit our regarding this. —Early Warning Services, LLC., the network operator of Zelle®."
