01/23/2025
Good afternoon all,
It's that time of the year again! I am taking on new clients this tax season starting at $150.
I posted a couple months ago about Venmo, Cash app, etc. sending 1099s out. These will NOT be issued if you received less than $5,000 in 2024 through any individual app. If you did receive more than $5,000, you will receive a 1099-K for Tax Year 2024. This MUST be reported on your return and can be adjusted out if not for business purposes. If this is not reported, the IRS assumes that all payments are business and will send you a bill. This threshold is going to decrease yearly until it hits $600 in 2026. Read IRS report below and let me know if I can help:
IR-2024-299, Nov. 26, 2024 — The Internal Revenue Service today issued Notice 2024-85 providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025.
