Gig economy

Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year.

The Internal Revenue Service is looking for information on those paid by JustAnswer to serve as 'experts.'

The ride-hailing company said its hometown calculated its taxes based on the total amount of money that passengers paid for rides.

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The lower 1099-K threshold will produce millions more forms to be sent to taxpayers, and may prompt many to abandon online marketplaces and gig economy jobs.

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

A pair of lawmakers proposed to raise the required threshold for reporting on gig payment transactions from $600 to $10,000.

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The firm's new platform, Talent Shift, matches accounting, tax and advisory gig workers with relevant work opportunities.

Is our profession heading toward a gig economy?