Bloomberg Law
Banking
LinkedIn

Millions More People Will Be Getting IRS 1099-K Forms in 2024

Nov. 15, 2023, 7:26 PM UTC
Samantha Handler
Samantha Handler
Reporter

Millions more freelancers, gig workers, and other taxpayers will be getting IRS 1099-K tax reporting forms next year due to a change in the law that broadens the scope of who must complete the document.

E-commerce platforms like Venmo, PayPal Holdings Inc., and eBay Inc. starting in 2024 are required to send 1099-K tax forms to users who have more than $600 in transactions. The 2021 pandemic relief law lowered the threshold from $20,000 and 200 transactions to $600. The new rule was supposed to kick in for tax year 2022, but the IRS delayed the effective date to ...

Learn more about Bloomberg Law or Log In to keep reading:

See Breaking News in Context

Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber?

Log in to keep reading or access research tools and resources.