Payment apps and online marketplaces have to report transactions that exceed $5,000 in 2024. The reporting threshold was supposed to drop to $600 in 2025, but the IRS now says it’s $2,500 for 2025. There is sentiment to return to the old reporting threshold of $20,000/200 transactions, but it’s up to Congress to do this. Stay tuned! #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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