Will any payment activity trigger a 1099 and how will it distinguish between business and personal payments?
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Hi jmahilk, thanks for posting the question.
Assume you refer to Form 1099K since this is the special event topic.
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You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:
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Understanding Your Form 1099-K
https://www.irs.gov/businesses/understanding-your-form-1099-k
Use caution when paying or receiving payments from friends or family members using cash payment apps.
Some apps allow you to earmark each transaction is personal or business. To be safe, please keep good records on your part.
TAS Tax Tip: Use caution when paying or receiving payments from friends or family members using cash payment apps
Hope the above helps.
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