TAMPA, Fla. (WFLA) — As we wind down 2024, the IRS has important updates for the new year.

One means some people could receive unexpected checks from Uncle Sam, but others will face new income reporting requirements.

Stimulus checks during the pandemic offered a much-needed boost to many families, but others were left out and were unable to fix the mistake with the IRS.

If you didn’t receive one or more stimulus checks that you qualified for, be on the lookout at the mailbox because the IRS says you might be receiving a stimulus payment of up to $1,400.

The IRS said this is part of their efforts to distribute around $2.4 billion to taxpayers who failed to claim a recovery rebate credit on their 2021 tax returns.

As many as 1 million taxpayers are set to receive the payments.

Now, changing gears. If you are a small business owner or freelancer who uses payment platforms like Venmo and Paypal, this is for you.

Tax reporting requirements are changing and depending on how much money you made, the IRS will now require these companies to issue a tax form 1099-k detailing your earnings.

Income thresholds will then gradually decrease over the next few years.

For the 2024 tax year, the IRS will require businesses to report income from third-party payment apps if it exceeds $5,000 annually.

That amount will drop to $2,500 in 2025, and by 2026, any income over $600 will need to be reported.