Be on the lookout for the new 1099-K. If Taxpayers this season used Venmo, Cash App, and similar apps third party money (except Zelle at this time) transfers or work side gigs such as Uber, Lyft, Grubhub, etc. or sold products on Facebook marketplace, etc.  you might get an unexpected surprise. Read more about this as the regulations for reporting threshold has changed to ($6000 from $10,000 dollars) this reporting threshold is to be reduced in a step-down method to be reduced to $500 in the future by the IRS to curb tax skirting of non-compliant reporting of income. Be sure to contact your tax professional to see if these new regulations are going to affect you and how to prepare for reporting and tax compliance. For more information visit the FAQ on the IRS website by clicking here