The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals if they earned more than $20,000 in commercial payments

The Form 1099-K is meant to report income from payment apps (like Venmo or Paypal), as well as from online marketplaces or gift cards. Third-party payment services send this form to taxpayers who cross the reporting threshold and a copy goes to the IRS, as well.

The IRS expects more than 140 million returns for Tax Year 2024, with changes for third-party payment platforms and important tax credits to consider.

For some, this could be a stressful time of year, but being prepared is a critical step to an accurate tax return with the biggest refund.

The IRS originally rolled out a plan to implement new reporting requirements for anyone earning over $600 via payment apps in 2023. After two years of delays, the tax agency has decided to implement a phased rollout, lifting the reporting threshold to $5,000 for the 2024 tax year.

Steber said there are two changes that many tax experts are watching this year. First: the green credits; you might get a deduction if you bought an electric car or improved insulation in your home.

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LAKE CHARLES, La. (KPLC) - The IRS has begun accepting and processing 2024 federal tax returns. Before you start filing, there are a few things you should keep in mind. Annemarie Edwards, with Jackson Hewitt, says you want to make sure everything looks uniform when gathering all of your documents to file your taxes.

Monday marks the first day the IRS is starting to process tax returns. Some of you already have your W-2s in hand, an appointment booked, and are figuring out how you are going to spend your refund check.

The IRS announced Jan. 27 as the official start date of the 2025 tax season. Here's what you know with the help from the On Your Side team.

IRS' lowering income standard for self-employed from $20,000 to $5,000 a year means more 1099K forms are being sent in the mail

offering a simpler way to optimize rewards. But the sign-up bonus is a bit of a moving target, and you must use the Venmo app to get the card.