![]() ![]() ![]() By implementing this new rule, the IRS and the government plan to get a clear picture of the gig economy and introduce appropriate revolutions. It is also important to note that until the CARE Act forced the separation of nonemployee compensation reporting from the 1099-MISC, some employees were losing unemployment benefits like health insurance in the middle of a global pandemic.Įstimating the gig economy and its rising impact on the overall economy is the need of the hour. ![]() ![]() This means thousands of gig workers are misreporting their incomes, which is resulting in misreported and/or underreported income. According to this study conducted by the IRS Tax Gap, about 80% of the gig economy workers who earn less than $20,000 in a year from a company don’t receive a 1099-K. ![]()
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