The IRS has updated its FAQ page for Form 1099-K (Payment Card and Third Party Network Transactions). The One Big Beautiful Bill Act retroactively reinstates the lower Form 1099-K reporting thresholds that applied before 2024. So, third-party settlement organizations (such as Venmo, PayPal and other cash payment apps) aren’t required to file Forms 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200. The new FAQs (dated Oct. 23, 2025) are sprinkled throughout the FAQ page. Read the FAQs: https://bit.ly/42V0IoB. Contact us if you have questions regarding Form 1099-K. © 2025