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The 2027 tax season will bring an important warning for people who earn income online in the United States. The Internal Revenue Service (IRS) will receive information on payments that millions of people got during 2026 through digital platforms, payment apps and buying and selling sites.
The agency uses Form 1099-K to record certain transactions and verify that taxpayers correctly report their income on their tax returns. Those who exceed certain payment limits and transaction thresholds will receive this document, although the duty to report taxable income also applies to people who do not receive it.
Failing to report taxable earnings can have financial consequences.
Who Will Receive Form 1099-K in 2027 and What Requirements Must They Meet
The IRS uses Form 1099-K to report payments people receive from selling goods or providing services through payment apps and digital platforms. During January 2027, taxpayers will receive this document with information on transactions completed during 2026. In this regard, businesses that process credit or debit card payments must issue it regardless of the amount or number of transactions, while third-party platforms must do so when payments exceed $20,000 and 200 transactions in a year.
Covered platforms include marketplaces, auction sites, payment apps, ride-hailing services and freelance platforms. The form is issued by those companies and a copy is also sent to the IRS.
What Online Income Must Be Reported to the IRS
Taxpayers must report taxable income they earn by selling products or providing services online, whether or not they receive Form 10-K. This includes earnings from online sellers, independent workers and people who offer services through apps. The information on the form should be used together with other records to calculate the income that must be reported in the 2027 tax season.
To correctly determine the gross amount, users should account for product costs, fees, refunds and other applicable expenses. The IRS also says gifts from family or friends and payments received to reimburse shared personal expenses do not count as taxable income.
What Happens If They Don’t Report Income Received Through Digital Platforms
Those who leave out taxable income and, as a result, pay less tax than they owe may face an accuracy-related penalty on their return. According to the IRS, the penalty equals 20% of the unpaid tax when the shortfall is due to negligence or a substantial understatement. For example, if the omission causes a $2,000 tax underpayment, the penalty could be $400.
Interest on the debt and the penalty may also be added until the balance is paid. However, the 20% does not apply automatically to any omitted income, since the conditions set out in the rules must be met. That is why the IRS recommends filing accurate returns and keeping records of payments, sales and expenses to back up the reported information.