If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year.

According to the IRS, for 2024, businesses and workers are required to report income of $5,000 or more from these apps. In 2025, the threshold will drop to $2,500 and then it will drop to $600 in ...