FORM 1099-K
IRS Tax Changes and Business Accounts
The IRS has updated the 2023 reporting thresholds for Form 1099-K. We’ll guide you on how this may affect you at tax time and how to make your voice heard.
Reporting thresholds for business accounts updated for tax year 2024
If you have a business account with Cash App or other payment apps, the IRS requires your transactions to be reported on a Form 1099-K if you receive more than $5,000 in 2024.
The federal reporting threshold for the 2024 tax year is payments totaling more than $5,000.
Some states have lower reporting requirements. To learn if your state has a lower threshold, check this list.
Common Questions
Join us in speaking out on this legislation
Advocates in Congress are pushing to have the recently changed threshold for filing a 1099-K increased or reverted completely. We need your help to tell Congress to pass a fix to save everyone from unnecessary and confusing tax reporting.