Nervous? Don’t be. Here’s what you need to know and do. Mind the 1099-K Threshold . If you received more than $5,000 in business transactions through a third-party payment platform in 2024 ...

Delays in earnings withdrawals for sellers on Qoo10-owned TMON and WeMakePrice has led to payment gateways pulling out, making credit cards unusable as an option on the e-commerce platforms as of ...

The original rule required a third-party platform to send you a 1099-K if you had more than 200 business transactions in a given year on the platform, and only if those transactions combined added ...

One of the most popular payment platforms is shutting down services on its app. Individuals are now unable to send and receive money through the Zelle app. In 2024, the electronic transaction ...

Form 1099-K, "Payment Card and Third Party Network Transactions," is issued by P2P payment platforms (referred to by the IRS as “third-party settlement organizations” or TPSOs) to both the IRS ...

For tax year 2024, the threshold to receive Form 1099-K for payments through payment platforms is $5,000. The IRS considers money paid through the platforms for goods and services as income, even ...