Learn about the basics of Form 1099-K, changes to the reporting threshold, and what this means for your business.

Common examples for when people could be surprised by a 1099-K include selling concert tickets for substantially elevated prices, like those for the Taylor Swift Eras Tour, which ran through 2024.

For example, if your friends frequently reimburse you through Venmo for dinners out, Venmo may mistakenly flag your account as a business account and issue a 1099-K.

Form 1099-K is an annual report of payment received by an individual from payment cards (credit, debit or stored value cards such as gift cards) and payment apps or online marketplaces (Venmo, etc.).

The IRS again delays law that would have required Ticketmaster, Venmo, and others to issue 1099-Ks to those with more than $600 in revenue in 2023.

On 2/6/24, the IRS released new and updated FAQs regarding Form 1099-K 2023 given that on November 21, 2023 (via Notice 2023-74) the IRS announced that calendar year 2023 would also be a ...

For example, you may receive 1099-SA reporting HSA distributions, but they won’t be taxable if you spent the withdrawals on qualified medical expenses.

The Internal Revenue Service updated its frequently asked questions Wednesday about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks ...

For transactions made after March 11, 2021, the ARPA clarifies that Form 1099-K reporting by third-party settlement organizations applies only for transactions for the provision of goods or services ...

Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000.

Common examples for when people could be surprised by a 1099-K include selling concert tickets for substantially elevated prices, like those for the Taylor Swift Eras Tour, which ran through 2024.