In a notice released on November 26, 2024, the Internal Revenue Service outlined the final transition period for new reporting requirements on transactions made through third-party payment platforms like PayPal and Venmo. Beginning in 2026, third-party settlement organizations will be required to report annual exceeding $600. This is a significant reduction from the previous threshold of $20,000. The 1099-K reporting form will be provided to both the app users and the IRS.
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