Get Ready for the New 1099-K Rules in 2024 and 2025. If you’re using payment apps like PayPal, Venmo, or Cash App, you need to pay close attention! The IRS has made some major changes to the 1099-K reporting rules, and these changes could have serious implications for your tax reporting.
But don’t worry, I’ve got you covered. In today’s video, I’m going to break down the new IRS 1099-K rules and explain why Zelle, also known as Chase QuickPay, might just be the best payment app for you personally and for your business.
💡 What You’ll Learn:
✅ Overview of the new IRS 1099-K rules
✅ How these changes impact users of PayPal, Venmo, and Cash App
✅ Why Zelle (Chase QuickPay) could be a better option
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Hey there, welcome to my channel! I’m Noel Lorenzana, a licensed CPA in Illinois. My goal is to help you pay only what you legally owe in taxes, and take the fear out of dealing with taxes and the IRS. Just a heads up—watching this video doesn’t make me your personal accountant. No client relationship is formed here. Enjoy the video!
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.
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Thanks for watching my video on, Are You Ready for the New IRS 1099 K Rules Starting This Year?
Disclaimer: This video, and the ideas presented in it, are for entertainment, and informational purposes only and should not be construed as accounting, tax, or legal advice. It is your responsibility to take all necessary steps to independently verify and ascertain that any information you choose to rely on from or take action based on this video is accurate.
⏱️VIDEO CHAPTERS⏱️
00:00 – Latest IRS Updates To The New 1099K Rules in 2024
01:28 – 1099-K Threshold Change: If Your Earnings Cross $5,000
01:56 – Got a 1099-K on Paypal For Personal Transactions From Friends or Family?
02:28 – 1099K Update: The IRS Delays The New $600 Reporting Rule
02:57 – Is Zelle Required to Submit a 1099K to the IRS?
03:13 – Why Zelle (Chase QuickPay) is the Best Payment App
04:12 – How to Report 1099K Transactions On Your Tax Return
Replay Video Link: https://youtu.be/vcQoBznsVjY
#1099k #irs #irsupdate
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