A new rule being implemented for the 2024 tax year means revenue over $5,000 collected through platforms like PayPal or Venmo has to be reported. That includes payments for concert tickets, clothes and household items. CBS News contributor Javier E. David has more....
IRS starts new tax rule for digital income03:00 Tax season is now underway, with the IRSaccepting returnsfor all taxpayers as of Jan. 27. That's prompting many people to turn to the "Where's my refund?" app from the tax agency to track when they'll get their check. Americans are e...
To satisfy the rule, you must pay at least 90% of your 2024 tax liability or 100% of your 2023 taxes, whichever is smaller. The threshold increases to 110% if your 2023 adjusted gross income was $150,000 or higher, which you can find on line 11 ofForm 1040from your 2023 tax return...
A bipartisan majority in the US House of Representatives voted to repeal the so-called IRS DeFi broker rule. 22045 News Crypto taxes, DOGE, Trump and avoiding an IRS audit: Taxbit exec spills the tea Mar 05, 2025 byRay Salmond Spring is almost here, which means it’s time for crypto in...
It's meant to extract taxes from any gains in Bitcoin's value, and the rule applies to everything bought with electronic money, from coffee to cars. That's problematic for two reasons. The going rate for a bitcoin fluctuates wildly -- easily by more than $10 a day. And no one dilige...
To be clear, business owners are already required to report that income to the IRS. The new rule simply means that the IRS will figure out what business owners earned on the cash apps, regardless of what that individual actually reports on their 1099-K, because it broadens the scope of th...
Sell items via apps or digital platformssuch as Venmo, Paypal, Facebook Marketplace, Etsy, or Poshmark? You may have heard about new tax law that trigger a tax form if you receive more than $600 from any one of these types of platforms. While this rule was put on hold for 2022 and...
Had she started her payments in December, before the new IRS rule, primarily because of the 1.52% interest rate her payment would have been $36,122. Applying the new rule however, with the 5% floor interest rate, her payment increases significantly to $60,312. There’s more t...
Treasure, buried: If you found buried money or sold an antique table you saw in a deserted area, you must report that income to the IRS. This rule has been in place since 1954 when a couple earning $4,467 for selling a used piano they purchased for $15 had to pay taxes on it; ...
Individual Income Tax Return form is shown July 24, 2018, in New York. (AP Photo/Mark Lennihan, File) By CORA LEWIS Updated 4:41 AM GMT+8, January 11, 2025 Share The IRS on Friday announced Jan. 27 as the official start date of the 2025 tax season, and expects more than ...