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Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Service (IRS) that it was losing billions of dollars in tax revenue due to unreported and underreported 1099-K income. A report released on December 30, 2020, explained the methods TIGTA used to find unreported 1099-K income, TIGTA's recommendations, and the IRS's plans to address this part of the tax gap. If you have 1099-K income, you need to understand what is happening. Here is a breakdown of the essentials.

The end of the year is here, and while dealing with the hustle and bustle of the holiday season, you should also stop and think about taxes. If you act quickly, there are all kinds of steps you can take now to reduce your 2020 tax liability and even a few things you can do at the beginning of next year.