1099-K New Rules Delay + New Retirement Tax Changes

Did you see the news?

Couple major tax changes just happened, wanted to make sure you caught these…

  1. The new 1099-K rules, whereby “everybody and their mama” was about to receive a 1099-K in January 2023 and everybody and their mama was going to therefore start running around like a chicken with their head cut off–those new rules have been delayed until next tax season. So, the “old” 1099-K rules will still be in effect for 2022 payments from Venmo, CashApp, PayPal, etc. Meaning, in summary, that dramatically fewer 1099-K forms will be issued next month.
  2. This “Secure Act 2.0” bill passed, making a series of pretty big changes to retirement tax rules, including the creation of Roth SEP IRAs, increased “catch up contribution” limits, and a newfound ability for sole proprietors (and SMLLCs) to create and fund 401K plans after the calendar year ends and still get a deduction for that calendar year.

Congress has a habit of making various tax changes right at the end of the year, after most tax pros have already completed our update course.

Pronto Tax School Members have a habit of not having a problem with that, because ALL Pronto Tax School Members (meaning, every membership level) receive:

  1. Access to a live, quarterly Q & A session to ask any and all questions about new tax changes for that quarter. (This quarter’s session is happening on Thursday 12/29).
  2. Three versions of your update course, including the famous “right-before-tax-season” Version 3 course that gives you all the last minute changes so that you head into tax season with maximum knowledge and maximum confidence. (Most tax pros who want to stay up with the latest changes need to purchase multiple courses, but Pronto Members aren’t forced to do that, because we “update the update” three times per year as part of your Membership.)

We hope this “new tax changes alert” blog post has been helpful to you, and if you have any questions about whether or not a Pronto Tax School Membership would help you, please always feel free to reach out to our dedicated support team.

CPA’s Click here for our Pronto CPA Edition so you can finish up your required continuing education requirements before December 31st!

Enrolled Agents – Click here to get your hours done before the end of the year.

And the Annual Filing Season Program – AFSP also has the end of the year deadline. Click here to get it done by 12/31/23