The Internal Revenue Service (IRS) has recently announced a pivotal ... and those with side incomes. Form 1099-K is designed to report payments received for goods or services.

But in 2025, that number is expected to soar. The IRS announced the reporting threshold for the 1099-K form will drop from $20,000 to $5,000 this tax filing season, plummeting each year until $600.

If you receive a 1099-K this year, make sure you don't accidentally double-report your income. For some gig workers, freelancers and small business owners, a new kind of IRS form may have arrived ...

The IRS is requiring third party payment apps to send you a 1099-K tax form if you made more than $5,000 on the platform in 2024. This reporting change will give the IRS a clearer picture of how ...

You were always supposed to report that income to the IRS. The 1099-K form reports payments for goods and services received from credit cards, mobile payment apps, online marketplaces, auction ...

One of those changes is the amount required to receive IRS Form 1099 for payment systems ... "Cause what you don't want to happen is you get you 1099-K and you go, 'I don't need to worry about ...