Big Beautiful Bill Repeals IRS 1099-K Venmo Tax

Big Beautiful Bill Repeals IRS 1099-K Venmo Tax

One of the biggest wins in the House Republican tax package, known as the “One Big Beautiful Bill,” is the repeal of the Biden IRS 1099-K paperwork law. This change protects millions of Americans from being hit with surprise IRS forms just for using everyday payment apps like Venmo, PayPal, or Cash App. Repeals the IRS 1099-K Venmo Tax Paperwork Nightmare. The bill repeals the law imposed by President Biden and congressional Democrats requiring …

Trump's Big Beautiful Bill Promises 1099-K Relief For Online Sellers

With the Republican-led House passing the "One Big Beautiful Bill Act" there will undoubtedly be continued debate about the full economic implications of the budget, but there's at least one big win for online sellers with a provision lifting the threshold for 1099-K reporting back to its previous levels of more than $20,000 and more than 200 separate transactions per year.Under current law, third-party payment processors like PayPal, Venmo and …