Uploaded March 2025 | Updated September 2026, 1 week ago
The IRS is tightening its control over payment processors such as PayPal, Venmo, and Cash App. If you earn money online—whether as a freelancer, small business owner, or side hustler—these changes will affect you.
The new 1099-K reporting rules are being phased in:
✅ $5,000 threshold in 2024
✅ $2,500 threshold in 2025
✅ $600 threshold in 2026
This means more transactions will be reported to the IRS than ever before. If your income isn’t reported correctly, you could face penalties or even an audit.
What Should You Do?
• Keep track of your income and expenses
• Maintain organized records
• Make sure your tax return matches your 1099-K forms
Don't let these 1099K changes catch you off guard; check out my full 1099K playlist. If you spend a few minutes, you should be able to find the answers you're looking for.
📌 1099 K Updates Playlist: youtube.com/playlist?list=PLg9c2lmMoV-3rOEPlXLpwksnExH98jDf_
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
💡 NEW: Grab My Tax Deductions Cheatsheet and Maximize Your Tax Savings!
noellorenzanacpa.com/tax-deductions-cheatsheet
📘 Free Ebook 10 Tips to Simplify Your Taxes:
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today!
https://a.co/d/dFGLUjM
👪 Join My Free Facebook Group and Connect with CPAs and Tax Pros!
facebook.com/groups/951368119040370
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/oZcLFI7-weg
youtu.be/Odjwxwz9Ba8
youtu.be/gkfJM46Afmc
youtu.be/F5Ve0z_4Jgk
Thanks for watching my video on, "The IRS is Coming For You."
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - The New 1099-K Reporting Rules Updates
01:30 - The New 1099k Rule (The $5,000 Threshold in 2024)
01:57 - Why Does It Matter?
02:35 - IRS sets $2500 Threshold for Form 1099-K in 2025
03:23 - The 1099-K $600 Reporting Threshold in 2026
03:42 - The $600 Threshold: Who Needs to Worry
03:59 - What If I Don't Report My 1099-k Income?
04:17 - What to Do If You Received a 1099-K for Personal Transaction?
04:36 - 1099-K Trigger Examples and Scenarios
Replay Video Link: youtu.be/hRurecEVWlI
#1099k #1099Kupdate #new1099k
The IRS is tightening its control over payment processors such as PayPal, Venmo, and Cash App. If you earn money online—whether as a freelancer, small business owner, or side hustler—these changes will affect you.
The new 1099-K reporting rules are being phased in:
✅ $5,000 threshold in 2024
✅ $2,500 threshold in 2025
✅ $600 threshold in 2026
This means more transactions will be reported to the IRS than ever before. If your income isn’t reported correctly, you could face penalties or even an audit.
What Should You Do?
• Keep track of your income and expenses
• Maintain organized records
• Make sure your tax return matches your 1099-K forms
Don't let these 1099K changes catch you off guard; check out my full 1099K playlist. If you spend a few minutes, you should be able to find the answers you're looking for.
📌 1099 K Updates Playlist: youtube.com/playlist?list=PLg9c2lmMoV-3rOEPlXLpwksnExH98jDf_
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
💡 NEW: Grab My Tax Deductions Cheatsheet and Maximize Your Tax Savings!
noellorenzanacpa.com/tax-deductions-cheatsheet
📘 Free Ebook 10 Tips to Simplify Your Taxes:
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today!
https://a.co/d/dFGLUjM
👪 Join My Free Facebook Group and Connect with CPAs and Tax Pros!
facebook.com/groups/951368119040370
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/oZcLFI7-weg
youtu.be/Odjwxwz9Ba8
youtu.be/gkfJM46Afmc
youtu.be/F5Ve0z_4Jgk
Thanks for watching my video on, "The IRS is Coming For You."
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - The New 1099-K Reporting Rules Updates
01:30 - The New 1099k Rule (The $5,000 Threshold in 2024)
01:57 - Why Does It Matter?
02:35 - IRS sets $2500 Threshold for Form 1099-K in 2025
03:23 - The 1099-K $600 Reporting Threshold in 2026
03:42 - The $600 Threshold: Who Needs to Worry
03:59 - What If I Don't Report My 1099-k Income?
04:17 - What to Do If You Received a 1099-K for Personal Transaction?
04:36 - 1099-K Trigger Examples and Scenarios
Replay Video Link: youtu.be/hRurecEVWlI
#1099k #1099Kupdate #new1099k
