Higher Tax Reporting Threshold for Small Online Sellers and Gig Workers.
This law raises the thresholds at which payment platforms (like those used for online sales or gig work) must report your income to the tax authorities. The change means that if you sell goods or services online and do not exceed $10,000 or 50 transactions annually, you will not receive a 1099-K tax form. The goal is to reduce administrative burden and simplify tax filing for small businesses and individuals earning supplementary income online.
Key points
The annual payment limit that third-party payment processors must report to the IRS is raised to $10,000.
Reporting is only required if a seller exceeds $10,000 OR completes more than 50 transactions during the year.
These changes apply to transactions settled after December 31, 2023, simplifying tax compliance for many small sellers.
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