Getting Paid Through PayPal, Venmo or Cash App? The IRS Wants to 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. 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. If you're self-employed , you should already be paying taxes on your total income, even if you don't receive a 1099 from all of your earnings. This isn't a new rule; it's a tax reporting change. The IRS will be switching the reporting requirement to payment apps so it can keep tabs on transactions that often go unreported. If you were paid through third-party payment apps this year, here's what you need to know. What is a 1099-K? A 1099-K is a tax for
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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