Keep in mind, the new reporting threshold does not change your basic tax responsibilities. Income you receive for a good or service  -  including tips  -  has always been reportable and in many instances taxable.And you've always been responsible for reporting it on your tax return, regardless of whether a third party sends the information to the IRS.The rule change also does not make other transactions suddenly taxable. For instance, your friend sending you money on Venmo to reimburse you for their half of last night's dinner tab will not become taxable.The biggest change is the increased visibility the IRS will have into business income transactions, both those that have always been reported by the income recipient and those that haven't been.