The Form 1099-K is meant to report income from payment apps (like Venmo or Paypal), as well as from online marketplaces or gift cards. Third-party payment services send this form to taxpayers who cross the reporting threshold and a copy goes to the IRS, as well.

The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals if they earned more than $20,000 in commercial payments

The IRS expects more than 140 million returns for Tax Year 2024, with changes for third-party payment platforms and important tax credits to consider.

Steber said there are two changes that many tax experts are watching this year. First: the green credits; you might get a deduction if you bought an electric car or improved insulation in your home.

For some, this could be a stressful time of year, but being prepared is a critical step to an accurate tax return with the biggest refund.