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Form 1099-K for Palm Beach Florida: What You Should Know
We recently spoke with a reader who reported having received a 13,000.00 payment from a customer. It was reported using a merchant account in the name of 15,000.00, and he was informed that he should not have been receiving such a payment. So, he did some research and discovered that there is a specific type of Form 1099-K you must file for Cryptocurrency transactions. So, what are you waiting for? Get those forms now! Here are the specific forms you need for Cryptocurrency transactions (don't forget to read the IRS FAQ): Form 1099-K for Payment Card and Third Party Transactions Form 1012X-B Business Form 1018X-Y: Business Get these forms as soon as possible! To get the forms to you, make sure you fill them out as close to the deadline listed in your notification as possible. If you received an IRS letter informing you of your annual filing (IRS Form 1099-B), there is no need to fill out this form. As for the rest of us, our notification for the quarterly 1099-K is very similar. However, you must fill out your forms so close to the deadline. We'd highly suggest to not wait for the annual report until sometime in April or May, as that's the last possible time to fill out these forms. However, if you decide to rush it and fill those forms out early, don't forget to keep the IRS letter if the 1099-K notification comes in. Get the correct forms done quickly, as you may find yourself facing a tax bill. For more information about your reporting obligations, here are two important articles we wrote: Are you a cryptocurrency company in Florida? If you have been issued a Form 1099-K for Cryptocurrency transactions, you may want to read this post on The Tax Geek Read about another crypto company being slapped with a 1099-K, and more Did you find this article of interest? Please share if you do.
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