The Economic Times

IRS 1099-K rule change: Higher $20,000 limit brings relief for gig workers and online sellers

The new 1099-K tax rule brings relief for small sellers and gig workers using apps like PayPal, Venmo, and Cash App. The higher reporting limit reduces confusion and cuts extra paperwork. Most people with occasional sales may not receive the form. However, income must still be reported correctly, and keeping records remains important for smooth tax filing.