The IRS has introduced significant changes to Form 1099-K reporting, affecting millions who use payment apps. These changes could lead to higher taxes and potential loss of refunds for many taxpayers.

Did you just receive a form called a 1099-K, a form that you never, ever saw in your lifetime? Well, do not ignore any 1099-K that pops up. Take your time to understand this one. More taxpayers ...

Many taxpayers and tax professionals had worried the lower threshold would prompt a flood of 1099-K forms arriving in the mail for people who had never been subject to the requirement, prompting the ...

A 1099-K form is a relatively new IRS income tax form that freelancers and business owners who earned more than $5,000 through third-party payment platforms in 2024 may receive.

Currently, the IRS mandates that platforms like Cash App and Venmo issue a 1099-K if an individual earns over $20,000 across more than 200 transactions. This requirement ensures that income from ...

Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000.

The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations (TPSOs) and will treat 2024 and 2025 as transition years, the Service ...

New IRS Update Requires Form 1099-K For Payments Of $5K+ Received Through Cash App Or PayPal. Freelancers making $5,000 from third-party payment apps will be required to report it on their taxes.

A change to the reporting requirements for IRS Form 1099-K will impact millions of taxpayers. Updated Thu, Jan 30 2025. Brian Sloan CNBC Select Staff.