The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under Trump’s new law.

Last year, the IRS announced it was planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan.

The rule change — approved by Democrats in March 2021 with the passage of the American Rescue Plan — would have required payments platforms, including Venmo, PayPal, Etsy and Airbnb, to send ...

The IRS announced it won’t require platforms such as Paypal and Venmo to issue a tax when a user’s business transfers exceed $600. The pre-2022 threshold of 200-plus transactions worth an ...

This reporting change will give the IRS a clearer picture of how much you earned in untaxed income this year to help ensure you pay your taxes properly. For the 2025 tax year, the threshold will ...

The IRS is delaying a 2023 1099-K tax reporting requirement for third-party payment networks like PayPal and Venmo, online marketplaces like Etsy and eBay, and millions of online sellers.

The tax agency has previously announced there was a change in reporting rules for Form 1099-K, the IRS document used to report payments and transactions from online platforms, apps or payment card ...

Many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you'll receive Form 1099-K, which reports income to the IRS, for ...

Related: New IRS 1099-K Changes: What to Expect from PayPal, Venmo, More. 1099-K threshold for the 2024 tax year. ... 1099-K Reporting Change for the 2025 Tax Season ...

Tax Law; 1099-K Reporting Changes Proposed for 2025. ... Related: New IRS 1099-K Changes: What to Expect from PayPal, Venmo, More. $5,000 1099-K threshold.

The IRS will delay implementing a sweeping rule change that forces people to report income over $600 paid through popular apps such as Venmo and Paypal, the agency announced Tuesday.. The ...