Navigating the Reporting of Form 1099-K
2 CPE for AFSP, EA, CPA, CRTP
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With the increased use of digital payment platforms, more taxpayers are receiving Form 1099-K, Payment Card and Third Party Network Transactions, often leading to confusion about what must be reported. This session will explore when and why a 1099-K is issued, how to evaluate which transactions are taxable and the correct methods for reporting on the appropriate tax forms. Additionally, we’ll cover essential topics such as distinguishing self-employment income versus hobby income and understanding loss limitations, all aimed at enhancing compliance and reducing audit risk.
Objectives
Upon completion of this session, you will be able to:
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Interpret Form 1099-K and determine whether the reported transactions are taxable or non-taxable
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Differentiate between personal, hobby and business transactions, and explain their tax treatment
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Report hobby income and business income on the appropriate tax forms, such as Schedule C, Profit or Loss from Business, or Schedule 1 (Form 1040), Additional Income and Adjustments to Income
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Explain how to handle personal transactions erroneously reported on Form 1099-K
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CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
