From Taylor Swift Tickets To Etsy Sales, IRS Clarifies When You Might See Form 1099-K

ByKelly Phillips Erb,

Forbes Staff.

The shiny new provisions in the One Big Beautiful Bill Act (OBBBA)—like no tax on tips—may grab the headlines, but there’s another change that many businesses are cheering: restored reporting thresholds for Form 1099-K (for payment card and third-party network transactions).

The IRS has now issued FAQs to help taxpayers understand how the OBBBA provisions affect Form 1099-K. Here’s what you need to know.

Under OBBBA, there are changes to the reporting thresholds for Form 1099-K (for payment card and third-party network transactions), Form 1099-MISC (for payments not covered by other 1099 forms), and Form 1099-NEC (for nonemployee compensation).