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By DIDI TANG and MICHELLE L. PRICE

WASHINGTON (AP) — Chip giant Taiwan Semiconductor Manufacturing Co. plans to invest $100 billion in the United States, President Donald Trump said Monday, on top of $65 billion in investments the company had previously announced.

TSMC, the world’s biggest semiconductor manufacturer, produces chips for companies including Apple, Intel and Nvidia. The company had already begun constructing three plants in Arizona after the Biden administration offered billions in subsidies. Its first factory in Arizona has started mass production of its 4-nanometer chips.

Trump, who appeared with TSMC’s chief executive officer C. C. Wei at the White House, called it a “tremendous move” and “a matter of economic security.”

“Semiconductors are the backbone of the 21st century economy. And really, without the semiconductors, there is no economy,” the president said. “Powering everything from AI to automobiles to advanced manufacturing, we must be able to build the chips and semiconductors that we need right here in American factories with Americans skill and American labor.”

Wei said the investment will be for three more chip manufacturing plants, along with two packaging facilities, in Arizona.

The $165 billion investment “is going to create thousands of high-paying jobs,” Wei said.

Former President Joe Biden in 2022 signed a sweeping $280 billion law, the CHIPS and Science Act, to try to reinvigorate chip manufacturing in the U.S., especially after the COVID-19 pandemic.

During the pandemic, chip factories, especially those overseas making the majority of processors, shut down. It had a ripple effect that led to wider problems, such as automobile factory assembly lines shutting down and fueled inflation.

Trump has criticized the law and taken a different approach, instead threatening to impose high tariffs on imported chips to bring chip manufacturing back to the U.S.

Trump also has said companies like TSMC do not need federal tax incentives.

When asked if the new investment could minimize impact on the U.S. should China either isolate or seize Taiwan, Trump said he couldn’t say “minimize” because “that would be a catastrophic event obviously.”

Taiwan is an island that broke away from mainland China in 1949 following a civil war. Beijing claims sovereignty over the island and has ratcheted up military and diplomatic pressure on its leaders.

“It will at least give us a position where we have, in this very, very important business, we would have a very big part of it in the United States,” Trump said of the chip manufacturing.

He did not say if the investment would provide security for the self-governed island that Beijing considers to be part of Chinese territory.

Taipei Economic and Cultural Representative Office, the island’s de-facto embassy in the United States, said investments by Taiwanese businesses in the U.S. have exceeded 40% of the island’s total foreign investments and that the Taiwanese government is “glad” to see Taiwanese businesses to expand investments in the U.S. and to deep cooperation on supply chain between the two sides.

“It also brings the economic and trade relations closer,” the office said.

Trump has hosted multiple business leaders at the White House since he took office in January to tout a series of investments that aim to demonstrate his leadership is a boon for the U.S. economy. He’s also pointed to the tariff threats as prodding the investments.

“It’s the incentive we’ve created. Or the negative incentive,” Trump said.

In January, he appeared with the heads of OpenAI, Oracle and SoftBank at the White House as they announced plans for a new partnership to invest up to $500 billion for infrastructure tied to artificial intelligence. He also announced in January a $20 billion investment by DAMAC Properties in the United Arab Emirates to build data centers tied to AI.

Last week, after Apple CEO Tim Cook met with Trump at the White House, the company announced plans to invest more than $500 billion in the U.S. over the next four years, including plans for a new server factory in Texas. Trump said after their meeting that Cook promised him Apple’s manufacturing would shift from Mexico to the U.S.

“I don’t have time to do all of these announcements,” Trump joked Monday as he listed some of the other investments.

The Wall Street Journal first reported the planned announcement Monday.

Associated Press writer Chris Megerian contributed to this report. Price reported from New York.

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By Kemberley Washington, CPA, Bankrate.com

If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year.

Here’s why you might be among the millions of taxpayers who got this form for the first time: If you received a total of $5,000 or more through a payment app in 2024, that company is now required to report that amount to you — and to the IRS.

The standard before 2024 was that a 1099-K had to be issued only if you received $20,000 or more and had more than 200 transactions. Now the threshold dollar amount is much lower, and there’s no minimum transaction requirement.

And that threshold amount is slated to drop even more, with even more people likely to receive 1099-Ks next year: The $5,000 reporting threshold for tax year 2024 drops to $2,500 for 2025 and then plummets to $600 for 2026 and beyond.

While the new reporting rules might be a shock to some freelancers or people with side hustles, technically the tax rules didn’t change: You were always supposed to report that income to the IRS.

What is the 1099-K?

The 1099-K form reports payments for goods and services received from credit cards, mobile payment apps, online marketplaces, auction sites, ride-hailing apps, crowdfunding sites and more. Form 1099-K must be sent to taxpayers by Jan. 31 of the following year. That is, you should have received your 1099-K for 2024 by the end of January 2025. (See the 2025 tax deadlines.)

If you sell goods or services, or rent out property, the money you earn is generally taxable income (which, don’t forget, you can reduce by your costs, including qualified business deductions). Even selling your own clothes or furniture could count as taxable income, the IRS says, if you earned a profit.

If, however, you’re using Venmo or another payment app to pay your friend back for dinner, or to send a birthday present to your sister, this money shouldn’t be reported on a 1099-K. If you do receive a 1099-K, you’ll want to check to make sure that only taxable income is included on the form. (See below for how to deal with incorrect 1099-Ks.)

The income threshold for Form 1099-K was lowered to $600 as part of the American Rescue Plan Act (ARPA) of 2021. Prior to ARPA’s passage, only total payments of $20,000 or more, and more than 200 transactions, required a Form 1099-K.

During the debate over ARPA, tax pros and others expressed opposition to the lowered payment thresholds, with the American Institute of Certified Public Accountants among those warning Congress that the lower threshold would lead to confusion and errors. Ultimately, the IRS postponed the new reporting requirements in 2022 and 2023, allowing more time for the payment apps, officially known as third-party settlement organizations, to conform.

New 1099-K reporting requirements

To give third-party settlement organizations more time to comply with 1099-K reporting requirements, in 2024 the IRS announced a phased-in approach to the reporting thresholds:

2023 and earlier: $20,000+ and 200+ transactions

2024: $5,000+

2025: $5,000+

2025: $2,500+

2026: $600+

Not all payment apps are alike

While taxpayers can expect Form 1099-Ks from PayPal, Venmo, or Cash App, Zelle won’t be included in that list.

“The Zelle platform directly transfers funds from one bank account to another, similar to a wire transfer. Thus, it never has custody of the funds, it simply moves money,” says Monica Houston, a certified public accountant in Brentwood, Calif.

Therefore, Zelle transactions are not subject to reporting requirements.

Who is likely to receive a 1099-K?

The Form 1099-K is issued to taxpayers who receive direct payments for selling goods or providing services. While the reporting income threshold is $5,000 for 2024, in some cases you may receive a Form 1099-K even if the dollar amount is below the reporting threshold.

Whether you receive a Form 1099-K or not, if you received taxable income from the sales of goods or services, you’ll need to report it on your tax return.

What if you get an incorrect 1099-K?

If you used a payment app to exchange money with friends and family, that exchange isn’t taxable, and you shouldn’t receive a Form 1099-K for those transactions.

If you do receive a 1099-K with these types of transactions reported, then you shouldn’t report these as taxable income. Instead, contact the issuer of the Form 1099-K, request that they remove these items from the form and reissue a corrected Form 1099-K. The IRS has instructions on how to handle this situation.

If you use payment apps for personal and business use, then it makes sense to have a solid accounting system to clearly distinguish between business and personal payments.

“I recommend using an Excel spreadsheet or consider using QuickBooks online to adopt a computerized accounting system,” Houston says. Taking these steps can ensure you report your income correctly on your income tax return.

How to report income reported on Form 1099-K

Form 1099-K reports various types of payments, which affect how you report your income on your Form 1040 and related forms and schedules. If you sold personal items, you will need to report them on your tax return. If the item was sold for a loss, you cannot deduct the loss from your taxes, but you can zero out the reported income. However, if you sold an item for a profit, you must report the profit, which is the amount received less your cost, as taxable income.

Whether you receive payments for goods sold, services provided or rental property, these must be reported on your tax return. Freelancers, gig workers and self-employed people generally report income on Schedule C of their income tax returns. Rent payments are reported on Schedule E.

Houston stresses the importance of staying abreast of the new tax law changes and encourages taxpayers to take an active part in the tax process. “I highly recommend that they enlist assistance from a qualified tax professional in the final preparation of their return especially if they are receiving a Form 1099-K. The return on investment is usually worth it in many ways,” Houston says.

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.