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.

https://cash.slack.com/archives/C01MM8609GR/p1710444217297569

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

What’s Form 1099-K for business accounts?

Will I get a Form 1099-K and when will I receive it?

How do I know if I have a personal or business account?

What exactly changed about the Form 1099-K?

Are all of my transactions reported on Form 1099-K?

How much will I owe in taxes?

Can I use my business account for personal payments too?

What if I’m not using my business account to sell goods or services?

What if I received personal payments to my business account?

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.

Write to Congress

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