Ask an AI Accountant

A free tool by

Question
Does S-corp get 1099-K from PayPal?
AI accountant’s answer:
As of 2023, the reporting threshold for Form 1099-K has changed. Payment processors like PayPal are now required to issue a Form 1099-K when there is more than $600 in payment transactions, regardless of the number of transactions. This rule applies to S-corporations as well as other types of businesses and individuals. So, if your S-corporation receives payment for goods or services through PayPal and the amount exceeds $600 in a calendar year, PayPal will issue your S-corporation a Form 1099-K for that tax year.
Comment from reviewer
Isaiah McCoy, CPA
Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Estimate tax saving

Track and claim every eligible deduction with Keeper

Keeper is the top-rated all-in-one business expense tracker, tax filing service, and personal accountant.

Try it free
review
featured by apple