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Congress Closes the PayPal 1099-K Reporting Loophole

Congress Closes the PayPal 1099-K Reporting Loophole

The PayPal loophole is going away in a little over six months from now. You used to be able to avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. This pushed the reporting requirements to PayPal. Current...
IRS Focuses on Cryptocurrency

IRS Focuses on Cryptocurrency

Cryptocurrencies have gone mainstream. For example, you can use bitcoin to buy far more than you would think. To see, try googling β€œWhat can I buy with bitcoin?” You will get more than 350,000 hits. But using cryptocurrencies has federal income tax implications that...