Information on 1099 tax changes
Good afternoon and Happy New Year!

I’m writing to discuss an issue on everyone’s minds in the early days of 2022: the IRS, 1099-ks, and whether the new rules affect auction entrepreneurs.

Please know we’re working hard to find some sort of consensus on this issue. The question at hand is whether your company is a third party settlement organization (TPSO), as defined by the Internal Revenue Service.

As we learn more and are more confident in the assessment of this rule and its impact on our industry, please know we will be communicating what we believe to be best practices and guidance. In the interim, we recommend (as always) talking with your tax preparer/accountant to get their opinions. Additionally, it may be worth considering beginning to collect the information needed to complete a 1099-k in the event that you are required to file.

I’ve also compiled some resources to look through below. 

Thanks so much for your patience; I’ll be in touch as we know more.

Aaron Ensminger, CAE
CEO, National Auctioneers Association