As tax season approaches in 2025, individuals receiving over $5,000 in payments for goods or services through digital ...

If you received a total of $5,000 or more through a payment app in 2024, that company is now required to report that amount ...

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

Last year, the Internal Revenue Service announced a phased rollout of reporting requirements for businesses who receive at least some of their income through third-party payment apps.

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.

But in 2025, that number is expected to soar. The IRS announced the reporting threshold for the 1099-K form will drop from $20,000 to $5,000 this tax filing season, plummeting each year until $600.

If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year.

If you received more than $5,000 for online sales of “goods or services” in 2024, you might get a Form 1099-K. Don’t ignore ...

Early results from the IRS indicate that 7.7% fewer tax returns were filed in the first two weeks of the 2025 season. Why are ...

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 ...

If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year. Here’s why you might ...