$600 IRS 1099-K Reporting CANCELED! New Payment App Rules For Venmo, PayPal, CashApp, & More!

Summary

This video clarifies the recent changes to the IRS Form 1099-K reporting requirements for third-party payment apps like Venmo, PayPal, and CashApp. The planned reduction to a $600 reporting threshold has been canceled. The new rule reverts to the old standard: a 1099-K is only required if you receive over $20,000 AND have more than 200 transactions. However, the speaker stresses that regardless of whether you receive a 1099-K, you are still legally obligated to report all income from selling goods or services on your tax return.