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Goods, Services and You: Get Ready for New IRS Reporting Rules in 2024
Expert Opinion February 14, 2024 at 03:48 PM
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What You Need To Know
- Starting this year, earnings of $600 or more via online platforms like PayPal, Venmo and Etsy must be reported to the IRS on Form 1099-K.
- Legislation in 2021 dropped this threshold from $20,000. After years of delay, the change becomes effective for tax year 2024.
- The IRS is releasing guidance and examples to help taxpayers understand their reporting obligations.
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