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Two Tax Reporting Changes on Tap for Businesses, Freelancers and Payment Apps Like Venmo

UNITED STATES, JUL 15 – The IRS will reduce third-party reporting requirements for payment apps and vendors, potentially cutting 1099 filings by up to 30%, aiming to ease compliance burdens for small businesses.

Summary by KIFI
By Jeanne Sahadi, CNN (CNN) — “Never mind. Pretend like nothing ever happened.” That might as well have been the text of one provision in President Donald Trump’s mega tax-and-spending-cuts package that reverses more stringent tax-reporting requirements for payment apps when it comes to telling the IRS how much small businesses and freelancers are taking in via business transactions on their platforms. The package also contains a new measure for…

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CNNCNN
+7 Reposted by 7 other sources
Lean Left

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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Texomashomepage.comTexomashomepage.com
Center

How freelancers can prepare for changing tax requirements

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Kathimerini English EditionKathimerini English Edition

Freelancers are declaring more profits

Freelancers have declared increased taxable earnings this year, compared to 2024, according to data from accounting firms.

·Athens, Greece
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Texomashomepage.com broke the news in on Friday, March 22, 2024.
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