IRS Institutes New Tax Rule for Payment Apps

If you receive income through payment apps such as PayPal and Venmo, you just gained some more paperwork come tax time. Starting in 2024, anyone who earns $600 or more over the previous year must file a 1099-K form. This is quite a hike from the IRS’s previous threshold of $20,000. Small businesses should take special note of this decree.

Click here to read Scott MacFarlane’s CBS News article on the new rule.