WSJ
What's New This Tax Season That Can Save You Money
Monday, January 27, 2025
Title: Tax Season Changes for 2024
Summary: New reporting requirements apply to online sellers and tax credits are available for electric vehicle purchases.
The IRS has implemented new Form 1099-K reporting thresholds for third-party payment processors. Individuals who sold goods or services online and received payments through platforms like PayPal, Venmo, or Square may need to report these transactions. Additionally, federal tax credits for electric vehicle purchases have been modified, affecting eligibility and credit amounts based on vehicle price, buyer income, and domestic manufacturing requirements.