Gig economy era: Advising gig workers on 1099-K & more
It’s time to unlock opportunities for solo and small firms. The threshold for filing Form 1099-K is dropping to $600 in payments to a payee. This means numerous gig workers, Etsy sellers, and Airbnb owners will have the amounts they receive reported to the IRS for the first time — this is a big change.
Taxpayers will be surprised to receive these forms and may not even know they have to pay tax on this income.
Join Thomson Reuters as we guide you on how to help your affected clients deal with the new reporting environment. Topics covered include compliance, available deductions, and penalties for noncompliance.