Form 1099-MISC (for payments not covered by other 1099 forms), and Form 1099-NEC (for nonemployee compensation) have been ...

People who earn tips and overtime wages will be able to get a new deduction, but a tax expert says workers should plan now to ...

One of the tax reporting changes in the newly enacted tax-and-spending-cuts package repeals a more stringent requirement as to when payment apps like Venmo must issue 1099-K forms to users for ...

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.

Finally, for the 2024 tax year, the IRS required that platforms — such as PayPal or its sister business Venmo — send out 1099-K forms reporting income if payments reached $5,000. For the ...

The version of the Republican megabill passed by the House last month includes a provision that ends an effort to get 1099-K tax forms out to workers or sellers who have earned more than $600 a year.

It was postponed, however, for a few years and then only partially implemented for tax years 2024 and 2025, when payment apps only had to report a person’s business transactions if they were ...

Finally, for the 2024 tax year, the IRS required that platforms - such as PayPal (PYPL) or its sister business Venmo - send out 1099-K forms reporting income if payments reached $5,000.