When a new law is fully implemented in 2026, companies including Venmo, PayPal, eBay and Etsy will be required to distribute the form to any business or seller whose gross transactions exceed a drastically reduced threshold of $600. But amid blowback, the IRS keeps tweaking how it phases in the controversial policy. The latest instance came just before Thanksgiving, when the IRS announced it intends to provide “relief” for Americans who professionally use payment apps and online marketplaces through 2025. In a Nov. 26 news release, the agency confirmed that payment firms will be required to report gross transactions exceeding $5,000 in 2024. The threshold in 2025 will be $2,500.