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sprinklesnglitz OP t1_j25bbmj wrote

Reply to comment by -NoLongerValid- in What is the positive part about the 1099k requirements through 3rd party being delayed another year? by sprinklesnglitz

Well what I mean is, what is the financial benefit of a 1099k vs a schedule C or whatever? Is the tax advantage better than if you were to be sent a 1099k?

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-NoLongerValid- t1_j25d2zr wrote

The 1099k is sent to both you, and the IRS. If you don't get a 1099, the IRS doesn't know about the income... If the IRS doesn't know about the income, they aren't going to know if you fail to declare it when you file; if you catch my drift.

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