Two tax reporting changes on tap for businesses, freelancers and payment apps like Venmo
CNN
The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under Trump’s new law.
“Never mind. Pretend like nothing ever happened.” That might as well have been the text of one provision in President Donald Trump’s mega tax-and-spending-cuts package that reverses more stringent tax-reporting requirements for payment apps when it comes to telling the IRS how much small businesses and freelancers are taking in via business transactions on their platforms. The package also contains a new measure for all businesses that issue 1099-NEC and 1099-MISC forms to report to the IRS how much non-employee compensation they pay to vendors and contractors. It’s a change that upends decades of practice. But we’ll get to that in a minute. The upshot of both changes is this: The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under the new law. Worth noting, however: Neither of the changes eliminates the requirement for small businesses, freelancers and contractors to accurately report all their earnings to the IRS on their own tax forms. First, let’s address the “we’re going right back to the way things were” measure for “third-party settlement organizations” — i.e., payment apps like Venmo.
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