Jim Guarino Quoted About 1099-K Reporting Mistakes by CNBC

Calculator and pen on top of income tax documents

Jim Guarino recently spoke with CNBC reporter Kate Dore about the current complications and misconceptions about 1099-K tax reporting. Here’s why it matters: If the IRS receives tax forms and you don’t include those on your return, it creates a “matching error” for the agency, he explained. “In effect, the IRS compares the information it receives from third parties to the information included on a tax return,” he said. “To the extent the amounts do not match, it could potentially trigger a tax notice.” For more information on how to handle 1099-K form mistakes, read the full article.

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