Third-party settlement organizations were not required to report tax year 2022 transactions on Form 1099-K to the IRS or the payee for the lower $600 threshold amount—the existing $20,000/200 ...

The change does not go as far as gamblers wanted, but it does provide much needed relief to a major pain point.

The IRS lost 26% of its 102,000-person workforce to layoffs and buyouts this year through early June, amid a larger effort by ...

Statistics have shown that tax compliance increases significantly when the amounts involved are subject to third-party reporting. Salary and wage reporting compliance, for instance, is very high ...

The 'One Big Beautiful Bill Act' (OBBBA), signed by President Trump on July 4, 2025, introduces a groundbreaking change for ...

Last year, the IRS announced it was planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan.

What to know for 2024. But the IRS on Tuesday said for tax year 2024, rather than implement the $600 threshold it will instead “phase-in” the change, and only require third-party platforms to ...

Information reporting help. The information reporting requirement could be helpful to some taxpayers and tax preparers by providing the needed documentation for reporting on crypto transactions to the ...

The IRS is delaying a rule change that would force people to report income over $600 paid through popular apps such as Venmo and Paypal AP “Taking this phased-in approach is the right thing to ...

T he Internal Revenue Service (IRS) has announced a pivotal change that will impact the tax filings of millions of Americans who use digital payment platforms such as Venmo, Cash App, and PayPal ...

As the 2025 tax filing deadline approaches, taxpayers should be aware of several minor, yet important, changes to Internal Revenue Service (IRS) reporting requirements that could impact their 2024 ...

Before you start your federal tax return, know the changes in key IRS forms that affect you. getty. Tax Season 2021 has begun. When you dig into your tax return for reporting 2020 income, you’ll ...