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    Ask Clients for 1099-K

    As discussed in our post on December 3, 2024, the threshold for third-party payment platforms to send Form 1099-K, Payment Card and Third-Party Transactions, is $5,000 for the 2024 tax year.

    Practitioners should ask clients if they use any such payment platforms, such as Venmo or PayPal. If clients use them, they should check to see if a Form 1099-K was issued for the 2024 tax year. If a client receives a Form 1099-K, the information must be disclosed on the client’s return, even if it is shown as nontaxable.

    The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.

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