These days, many new entrepreneurs are entering the world of e-commerce. With platforms like Shopify, you can now open your own store with a few clicks of a button without needing a brick-and-mortar store. There was already a shift in the e-commerce world, but with the pandemic, travel bans, lockdowns and store closures, billions of consumers worldwide started using Shopify. People switched to online stores with a digital presence.
Until recently, your Shopify transactions could fly under the Internal Revenue Service’s (IRS) radar. But the IRS has caught on, and now they want full transparency from Shopify and require reports of all transactions, known as the 1099K 2022. You’ll also receive a copy of the Shopify 1099, and you’ll need to hang on to this for tax filing. We’ll walk you through the 1099K 2024 process, including how to get tax info from Shopify, like the
Shopify 1099, and how to file it.