2024 1099k & irs

[agent006140]

2024 is $5000,$2500 for 2025 and $600 for 2026.
IRS has launched an investigation on those who earn fee of $15 and $25 per question on JustAnswer.com.
A judge in December has authorised IRS to issue summons requiring JustAnswer to provide names of anyone who earned $5000 or more on any one year in the period when JUSTANSWER was not sending out 1o99K forms.
One taxpayer audited in 2020 has more than $400,000 of unreported income from Justanswer.com according to IRS.

Once Justanswer handovered the names to IRS,IRS will send out soft letters nudging them to pay up,for those who do not respond,risk of audit is high,according to tax experts.
Solo entreprenuers also are subject to self employment taxes,some may have to report quarterly or else pay penalty.
You may read the entire article on WSJ Jan23,2025

[rsot]

Originally Posted by agent006140

One taxpayer audited in 2020 has more than $400,000 of unreported income from Justanswer.com according to IRS.

Nice income for this person - not going to be too happy after the audit I guess...

[agent006140]

$400,000 just to answer some questions,most are vet related,so pet owners are willing to pony up $25-$35 to fix their pets.