This was inevitable. While some payment apps sent 1099-K’s, others did not. Plus “Prior to this change, app providers only had to send the IRS a Form 1099-K if an individual account had at least 200 business transactions in a year and if those transactions combined resulted in gross payments of at least $20,000.” Now the limit is $600, the same as it is for transactions paid from bank accounts.

(note that the video is only vaguely related)


https://www.cnn.com/2021/11/09/success/payment-app-tax-reporting-feseries/index.html?fbclid=IwAR1RNgZSNzv9pQLg2_xJKbAOMRUmSOBqqrzmCW2dhP8Ju8_vTo6Aty8Ws2Y