In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a ...
Well, Congress has stepped in it, at the request of the IRS, then the IRS has delayed the start of it again. What am I talking about? Closing the reporting loophole started with the rise of third ...
The House of Representatives and the Senate have both proposed changes in the reporting thresholds for Form 1099-K and Form 1099-NEC. The goal? Fewer forms for taxpayers. Republicans on the Senate ...
Under a new federal law enacted in 2021 (the “American Rescue Plan” or the “New Law”), Venmo, Pay Pal, Cash App, Etsy, eBay and other e-commerce platforms are now required to send individual users ...
If you’re a freelancer, business owner, or just have a small side hustle, you should know about the new tax requirement this year for electronic payments through Venmo, PayPal, online marketplaces and ...
Congress enacted a rule to change the 1099-K threshold for your 2025 taxes, meaning you should only receive a Form 1099-K if ...
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IRS Eases 1099-K Rules with $20K Limit
The Internal Revenue Service issued updated frequently asked questions on Form 1099-K on Oct. 23, 2025, clarifying reporting requirements for third-party payment networks under the One, Big, Beautiful ...
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