This is not a tax question, as I have asked a tax professional already. So moderators do not copy paste that typical response here. According to tax professionals Upwork should have a definition of what is considered 200 transactions. I cannot seem to find that anywhere. How does Upwork decide if you met the 200 transactions? 1. Requirements are met for Over $20,000/yr made. CHECK. 2. Requirements for 200 transactions - how does one count a "transaction" and decide it has been met? Are you supposed to count the Hourly, Service Fee, State Sales Tax, Withdrawl, AND Withdrawl Fee as separate "transactions" therefore one week counts at 5 "transactions"? Or is each week considered ONE transaction? What is Upworks definition of "200 transactions" "The new reportable transaction category Transaction of Interest (TOI) is defined as a transaction that the IRS and the Treasury Department believe is a transaction that has the potential for tax avoidance or evasion, but lack sufficient information to determine whether the transaction should be identified specifically as a tax avoidance transaction. The TOI category of reportable transactions will apply to transactions entered into on or after November 2, 2006." IRS website. |
