The gig economy has seen significant growth, with a considerable percentage of American workers participating as gig workers, either part-time or full-time. To improve tax compliance among these workers using third-party payment apps, the IRS is lowering the earnings threshold for issuing 1099-K forms for the 2024 tax year. This change might mean millions will receive a 1099-K for the first time, reminding gig workers of their obligation to report all income accurately. The move towards stricter reporting was prompted by historic underreporting of income from these platforms.
As the gig economy grows, so does the necessity for compliant tax reporting, notably with the new IRS 1099-K form impacting millions of previously unaware taxpayers.
The IRS anticipates that millions of Americans will receive a 1099-K form for the first time this year due to the lowered earnings threshold for 2024.
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