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Finally, for the 2024 tax year, the IRS required that platforms - such as PayPal (PYPL) or its sister business Venmo - send out 1099-K forms reporting income if payments reached $5,000.

The bill faces changes before it reaches Mr. Trump’s desk, but the Senate has already voted unanimously for a No Tax on Tips measure. The new bill will make the change effective from 2026 to 2028.

These earnings were already taxable so this is not a change in tax law, but rather just a reporting change. In order to report these earnings and transactions, you'll need to file Form 1099-K.