This year, some gig workers, freelancers and small business owners received an unfamiliar IRS tax form: a 1099-K. If you're one of them, how you report this form on your tax return could ...

Income at or above those thresholds would trigger a Form 1099-K, or report of payments you received for goods or services during the year. The law was supposed to go into effect in 2022 but was ...

Portland, OR, USA - Jan 5, 2022: Third-party payment apps now have to report transactions more than USD600 to the IRS.

The Internal Revenue Service says companies that act as intermediaries for buyers and sellers must send tax Form 1099-K to any user who earned more than $5,000 on its platform in 2024. The form ...

For tax year 2024, the threshold to receive Form 1099-K for payments through payment platforms is $5,000. The IRS considers money paid through the platforms for goods and services as income ...

One of the simplest ways to avoid issues with Venmo tax reporting is to categorize your transactions correctly. Venmo offers two key labels: “Goods and Services” and “Send to a Friend.” These labels ...