Series Episode 16 | One Big Beautiful Bill
Got a few bucks on Venmo or Cash App? You can breathe easy.
The new One Big Beautiful Bill, signed into law on July 4, 2025, canceled the requirement to send Form 1099-K for transactions over $600.
Now, you’ll only receive a 1099-K from apps like PayPal, Venmo, or Stripe if you process over $20,000 and more than 200 transactions in a year, just like before!
There’s also a change for those who pay freelancers: the threshold to send 1099-NEC/MISC forms increases from $600 to $2,000, starting in 2026.
Great news for
- Freelancers and gig workers
- Small business owners
- Online sellers and creators
Want to make sure you’re compliant with the new rules and avoid issues with the IRS?
Schedule a consultation with Leader CPA and get expert tax guidance.
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