Source: IR 2022-234; Released Dec 29, 2022
Effective 1/1/2023:
-Business use is 65.5 cents per mile
-Medical use is 22 cents per mile
-Charitable use is 14 cents per mile
Month: December 2022
IRS Delays New 1099-K Reporting
Ref: IR-2022-226: December 23, 2022
One year delay for third party settlement organizations such as PayPal, Venmo, Cash App, etc to report payments on business transactions of $600 or more per year.
We’re back to the old rules: Form 1099-K will be issued for aggregate amount of $20,000 or more than 200 transactions.
TAKE AWAY: DON’T make personal transfers to/from a business PayPal, Venmo or similar third party settlement account.
