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Two Tax Reporting Changes on Tap for Businesses, Freelancers and Payment Apps Like Venmo
UNITED STATES, JUL 15 – New IRS rules raise the 1099 reporting threshold from $600 to $2,000, potentially cutting paperwork by 30% for small businesses and reducing federal revenue by $13 billion over 10 years.
- Starting after December 31, 2025, the new tax law repeals recent rules and raises the 1099 reporting threshold from $600 to $2,000.
- Originally slated for 2021, the American Rescue Plan Act lowered the threshold to $600, but implementation was delayed and only partially applied for tax years 2024 and 2025.
- The IRS will have much less of a view into small business and contractor income, as projections by the Joint Committee on Taxation show, could reduce federal revenue by roughly $13 billion over a decade.
- Amid eased reporting, small business clients could cut 1099s by 30%, Wendy Walker said.
- Small businesses and freelancers must still accurately report earnings on their tax forms, as the requirement remains, impacting IRS revenue collection.
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11 Articles
11 Articles
Two tax reporting changes on tap for businesses, freelancers and payment apps like Venmo
The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under Trump’s new law.
·Atlanta, United States
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Total News Sources11
Leaning Left1Leaning Right2Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
C 70%
R 20%
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