Did You Make Money via PayPal, Venmo or Cash App This Year? The IRS Will Know About It [CNET News]
PayPal Holdings, Inc. (PYPL)
Last paypal holdings, inc. earnings: 1/29 04:15 pm
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Source: CNET News
If so, you may have new rules to follow when filing your tax return next year. You'll receive tax form 1099-K if you earned more than $5,000 in untaxed income in 2024 and were paid via a third-party payment app. This rule has been delayed two years in a row, and 2024 serves as a transition year to help payment apps prepare for the new reporting requirements. "The US Department of the Treasury are still moving forward on the 2024 rules that came from the Inflation Reduction Act," said Mark Steber, chief tax information officer for Jackson Hewitt. "Prior to 2024, the earnings threshold was $20,000 and 200 transactions to receive a 1099-K tax document and in 2025 the income threshold earned from a third-party platform will be $600." Steber said that as of Nov. 5, 2024, the 2024 rules are still moving ahead, but it's possible the IRS will decide to delay this rule again or alter the threshold. For now, you should plan on it moving forward to make sure you're prepared come tax time.
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News
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- Money Transfer Apps Industry Worth $47.67 Billion by 2029 - Regional Markets Analysis and Profiles of Leading Players PayPal, Western Union Financial Services, Wise Payments, Remitly, WorldRemit, Revolut & More [Yahoo! Finance]Yahoo! Finance
- PayPal Unveils Innovative Money Pooling Feature, Simplifying Group Expenses Between Family and FriendsPR Newswire
PYPL
Earnings
- 10/29/24 - Beat
PYPL
Sec Filings
- 10/29/24 - Form 10-Q
- 10/29/24 - Form 8-K
- 10/15/24 - Form 4
- PYPL's page on the SEC website