Uploaded January 2025 | Updated September 2026, 1 week ago
*Correction* Per IR-2024-299, Nov. 26, 2024, the IRS has provided transition relief as follows: Under the guidance issued today, TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and after.
If you're a freelancer, small business owner, or side hustler using payment apps like PayPal, Venmo, or Cash App, this video is for you. Big changes are coming in 2024 for 1099 K reporting, and they could make tax season more complicated than ever.
In this video, I explain the new 1099-K rules, including the lowered $5,000 threshold for payment processors. I’ll break down what these changes mean for your taxes, how to prepare now, and why accurate reporting is key to avoiding IRS issues. Plus, I’ll cover the upcoming $600 threshold for 2025 and what you should do to stay ahead.
By the end of this video, you’ll know exactly how to handle these changes, track your payments, and file your taxes confidently. Don’t let these new rules catch you off guard—stay organized, verify your 1099-K, and report everything accurately.
If you found this video helpful, give it a thumbs up, subscribe for more updates, and leave your questions in the comments. I’ve also linked additional resources to help you navigate the 1099-K process, including step-by-step guides.
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
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 New 1099-K Reporting Rules You NEED to Know (2024 Changes Explained!)"
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 - Introduction: The New 1099-K Reporting Rules 2024
01:02 - What’s Changing in 2024? Lower Threshold Details
02:25 - What to Expect in 2025: The $600 Threshold
03:35 - Who Needs to Worry & Who Is Affected by These Changes?
04:47 - Tax Implications: What Income is Taxable?
06:00 - How This Will Affect Your 2024 Tax Filing
06:36 - How to Handle a 1099-K Form: Where to Report It
07:36 - What You Need to Do Right Now: Key Steps to Prepare Now
09:04 - When to Consult a Tax Professional
09:18 - Final Thoughts: Staying Ahead of the New Rules
Replay Video Link: youtu.be/JXgEoQkrNDo
#1099k #1099Kupdate #new1099k
*Correction* Per IR-2024-299, Nov. 26, 2024, the IRS has provided transition relief as follows: Under the guidance issued today, TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and after.
If you're a freelancer, small business owner, or side hustler using payment apps like PayPal, Venmo, or Cash App, this video is for you. Big changes are coming in 2024 for 1099 K reporting, and they could make tax season more complicated than ever.
In this video, I explain the new 1099-K rules, including the lowered $5,000 threshold for payment processors. I’ll break down what these changes mean for your taxes, how to prepare now, and why accurate reporting is key to avoiding IRS issues. Plus, I’ll cover the upcoming $600 threshold for 2025 and what you should do to stay ahead.
By the end of this video, you’ll know exactly how to handle these changes, track your payments, and file your taxes confidently. Don’t let these new rules catch you off guard—stay organized, verify your 1099-K, and report everything accurately.
If you found this video helpful, give it a thumbs up, subscribe for more updates, and leave your questions in the comments. I’ve also linked additional resources to help you navigate the 1099-K process, including step-by-step guides.
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
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 New 1099-K Reporting Rules You NEED to Know (2024 Changes Explained!)"
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 - Introduction: The New 1099-K Reporting Rules 2024
01:02 - What’s Changing in 2024? Lower Threshold Details
02:25 - What to Expect in 2025: The $600 Threshold
03:35 - Who Needs to Worry & Who Is Affected by These Changes?
04:47 - Tax Implications: What Income is Taxable?
06:00 - How This Will Affect Your 2024 Tax Filing
06:36 - How to Handle a 1099-K Form: Where to Report It
07:36 - What You Need to Do Right Now: Key Steps to Prepare Now
09:04 - When to Consult a Tax Professional
09:18 - Final Thoughts: Staying Ahead of the New Rules
Replay Video Link: youtu.be/JXgEoQkrNDo
#1099k #1099Kupdate #new1099k
