I am an independent contractor and receive a 1099Misc each year. My employer pays me through Zelle. I expect a 1099k for 2022. How will IRS handle this?

thebeverages · ‎January 21, 2022

JulieS · ‎January 21, 2022

For you, filing your tax return will be the same whether you get a 1099-NEC or a 1099-K.

You just report all the income that you received along with your allowed business expenses.

As far as the IRS, since the threshold for filing a 1099-K is now the same as for 1099-MISC and 1099-NEC, it is likely that a matching program will be implemented for 1099-K, similar to the one for 1099-MISC and 1099-NEC.

At this point the IRS says:

"The IRS will use the data from the Form 1099-K to develop:

Taxpayer education and outreach products and services.
New examination and collection approaches." -IRS

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I am an independent contractor and receive a 1099Misc each year. My employer pays me through Zelle. I expect a 1099k for 2022. How will IRS handle this?