The IRS announced a delay in the 1099-K reporting threshold. Lisa Greene-Lewis, CPA and TurboTax tax expert, explains what you need to know for your 2022 taxes.

The new 1099-K tax reporting rule only applies to income you earned from third-party payment apps. The IRS is not taxing the money you send to your friends or family.

The Internal Revenue Service said Tuesday it would postpone the $600 threshold for reporting transactions on Form 1099-K for the second year in a row, and begin to phase in a threshold of $5,000 ...

Form 1099-K is an annual report of payment received by an individual from payment cards (credit, debit or stored value cards such as gift cards) and payment apps or online marketplaces (Venmo, etc.).

IRS delays gig-tax filing rule for side hustles earning at least $600. 2022 1099-K reporting limits revert to $20,000 on 200 transactions.

About 44 million 1099-K forms were expected to be issued in 2024 covering tax year 2023, up 175% from 16 million in 2022, according to IRS estimates earlier.

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 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.

Before ARPA, the threshold for having to file a Form 1099-K was much higher, requiring at least 200 transactions and $20,000 value in gross sales. If the provision goes into effect as scheduled, it ...

If a merchant, seller or other recipient of a Form 1099-K believes the Form 1099-K was issued in error, or is not aware of the transaction(s) generating the issuance of the Form 1099-K, contact ...

Gig workers will be looking for advice from a tax preparer. Over 20% of the survey respondents plan to pay a tax professional for the first time as a result of 1099-K reporting changes and complexity.