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 ...
Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. This article is more than 3 years old. Closeup of Form 1099-K, ...
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 ...
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 ...
The IRS announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. Today the IRS announced a delay in reporting ...
2023 was going to be the first year in which people who earned at least $600 from online platforms like eBay, Etsy, Venmo and CashApp were going to receive 1099-K income tax forms. But right before ...
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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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