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.

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

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 extended its transition relief for the new Form 1099-K information reporting threshold, setting it at $5,000 for 2024, $2,500 in 2025 before reaching the statutory level of $600 in 2026 and ...

The 1099-K tax form is a critical document for individuals earning income through third-party payment platforms. This form reports income from non-permanent jobs, such as side hustles, freelance ...

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

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.

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.

The IRS is requiring third party payment apps to send you a 1099-K tax form if you made more than $5,000 on the platform in 2024.