by: Elizabeth Barmeier
A calculator and tax books (Nexstar, file)
ST. LOUIS – For those who use peer-to-peer (P2P) payment apps such as Venmo, PayPal, or Cash App for business, payments received of $600 or more in a calendar year are now required to be reported to IRS.
This new law went into effect at the beginning of 2022, however, it will not apply for the 2021 tax season, according to a Fox Business article. For those who will meet the new threshold this year, P2P payment platforms will be sending out 1099-K tax forms during next year’s tax season.
If users do not receive a 1099-K tax form, they are still required to report their earnings to the IRS.
P2P payment platforms were previously required to send their users 1099-K tax forms to those who received more than $20,000 in gross payment volume and more than 200 separate payments in a calendar year for goods and services, according to an article by Intuit TurboTax.
The Fox Business article states that payment apps may ask for additional information from users in order to properly report their transactions, including employer identification number (EIN), individual tax identification number (ITIN), or social security number (SSN) if it’s not already on file.
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HAZELWOOD, Mo. – Hazelwood police say they are searching for three armed suspects at large associated with a carjacking Saturday night involving shots fired and resisting arrest Sunday morning.
Officers saw a dark colored Audi sedan traveling south on Howdershell Road at about 9:15 a.m. Sunday morning. The officers were aware that a local police department were searching for a dark colored Audi in relation to an armed carjacking which involved shots fired.
SEOUL, South Korea — North Korea on Sunday fired what appeared to be the most powerful missile it has tested since President Joe Biden took office, as it revives its old playbook in brinkmanship to wrest concessions from Washington and neighbors amid a prolonged stalemate in diplomacy.
The Japanese and South Korean militaries said the missile was launched on a high trajectory, apparently to avoid the territorial spaces of neighbors, and reached a maximum altitude of 2,000 kilometers (1,242 miles) and traveled 800 kilometers (497 miles) before landing in the sea.
ST. LOUIS — Since the lead water crisis in Flint, Michigan, fewer Americans trust the water coming out of their taps. Distrust is especially high in Black and Hispanic households. Taste, the habits of family members and trust in local government all contribute to whether people choose to drink tap water or pay for more expensive alternatives such as bottled water. When people avoid tap water, they may choose sugary drinks instead, which can increase the risk of diabetes and other health problems. The Biden administration wants to address water quality and lead problems, but experts say that distrust is stubborn and that officials will have to work hard to persuade people to switch back to tap water.