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Latest Updates on Crowdfunding Tax Regulations
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Subscribe03 SEP 2024 / IRS UPDATES
The IRS has issued a fact sheet detailing the tax implications of crowdfunding distributions, highlighting that such income might be taxable and could trigger reporting requirements. The agency is also lowering the threshold for issuing Form 1099-K from $20,000 to $5,000 starting in 2024 as part of the American Rescue Plan Act (ARPA), which means more people running crowdfunding campaigns could receive this form and be held accountable for tax obligations.
The IRS recently released a fact sheet (FS-2024-28) addressing the tax implications of crowdfunding distributions—a hot topic for those guiding clients through this increasingly popular fundraising avenue. Here’s the key takeaway: crowdfunding income migh...
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