WhatsApp Business enables you to have a business presence on WhatsApp, communicate more efficiently along with your prospects, and help you develop your corporation. Even though the model new rule turned effective with the model new yr, it isn’t applicable to the 2021 tax season. Small businesses need not take it into consideration till the 2022 tax-filing season begins next yr. Many of those payment apps already sent Form 1099-K to customers with business accounts, particularly if their gross revenue exceeded $20,000 or if they made 200 separate transactions in a calendar 12 months. Third-party payment processors like Venmo, PayPal and Cash App are now required to report a user’s business transaction to the IRS if they exceed $600 for the 12 months.
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