One law provision new for tax years beginning in 2022 and after that could catch many individual taxpayers by surprise — particularly those in the “gig economy” — is the much lower threshold at which ...

The Internal Revenue Service needs to do more to get ready for new reporting requirements on the Form 1099-K and 1099-DA, according to a new report. The report, released Thursday by the Government ...

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 be ...

WASHINGTON, DC - MAY 19: Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service speaks at a Senate Appropriations Subcommittee hearing on Capitol Hill May 19, 2021 in Washington, ...

Portland, OR, USA - Jan 5, 2022: Third-party payment apps now have to report transactions more than USD600 to the IRS. Taxpayers who engage in online sales may have dodged a reporting bullet in early ...

Knowing when to issue which kind of 1099 form to someone you paid money to can be a mystery to small business owners, but ...

The new-for-2022 law change that sharply reduced the reporting threshold at which third-party payment settlement entities must issue a Form 1099-K, Payment Card and Third Party Network Transactions, ...

Freelancers making $5,000 from third-party payment apps will be required to report it on their taxes. The Internal Revenue Service (IRS) now requires freelancers to report payments of $5,000 and up ...

On March. 15, Congressman Chris Pappas introduced legislation to raise the threshold for 1099-K reporting for goods sold on marketplaces to ensure sellers on online marketplaces do not pay more than ...

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 ...