As we are fast approach the end of the year, it means it's 1099 time. For all hobbyist and vendors who buy and sell corals, be aware that paypal, venmo, and other online payment solutions will be sending out 1099-Ks's if you receive more than $600 in payments. I was reading an article the other day that this is one of the areas the IRS expects that their new 87,000 agents will be focusing on.
Will PayPal report my sales to the IRS? | PayPal US
Learn how PayPal is required to report sales above a threshold and also know the 1099-K requirements.
www.paypal.com