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Using PayPal, and similar payment services, can be a great way to pay bills and shop online.
However, as the IRS discovered, when taxpayers use third-party settlement organizations (TPSOs) like PayPal, they can use a loophole in the law that makes it easy to avoid declaring income.
Here’s how they did it.
Under the old law, taxpayers, using PayPal or other services as their payment platform, could avoid providing 1099s to contractors and vendors.
Then, and totally legally, those services didn’t have to provide contractors and vendors with 1099s.
This was the tool people used to sidestep taxes.
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Here’s what lawmakers did when they wised up.
Congress decided to collect a lot more money by closing the 1099-K loophole… the part of the tax law that people were using to avoid declaring income.
In fact, Congress estimated that they could collect more than $8 billion in new taxes, over the next ten years, after the loophole was closed!
As you can imagine, when you’re dealing with complex changes in IRS rules, you need help understanding how they affect you.
BE AWARE: The big changes in the law
take effect in just a few months!
The bottom line…
That’s why you need to turn to the Tax Reduction Letter. We’ll give you all the information you need, in easy-to-understand language, when you . . .
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