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.

The reporting threshold for Form 1099-NEC will increase from $600 to $2,000, effective as of the 2026 tax year (the forms you’ll receive in 2027). For tax years beginning in 2027 and after, the ...

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 ...

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.

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 ...

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 ...

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.