You May Receive a Form 1099-K This Year: What It Means for Your Taxes
Update: 2024-12-31
Description
Form 1099-K was introduced as part of the Housing and Economic Recovery Act of 2008, with its reporting requirements taking effect in 2011. The form was a response to the growing e-commerce sector and the IRS's need to ensure that income from online transactions was accurately reported. The reporting rules have changed significantly over the years, including new requirements for 2024.
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