Just a reminder, it has always been true that you must report all worldwide income on your tax returns. The tax reporting form 1099-K has been around since 2008 which requires all credit card companies and third-party processors like Amazon and PayPal to report sales to the IRS. This was issued to anyone who’s sales volume was over $20,000 and more than 200 transactions.

Regular folks using any third party payment processors from Visa to Venmo may receive a 1099-K. The reporting requirements keep going back and forth in Congress, so it’s possible you may receive a 1099-K for that DoorDash job you have on the side. Again, all money that you receive from your customers is income subject to tax, regardless of whether it is reported on a 1099 or not.

Taxpayers should be aware that they could still receive 1099-K forms. If you did receive a 1099-K for 2024, we may need to deal with it on the tax return, so include it with your paperwork!