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Changes to Income Reporting for Gig Economy Workers

This act reinstates previous rules for reporting income from online platforms. It means platforms will only need to report your income to the tax authorities if it exceeds $20,000 and you complete more than 200 transactions in a year. Previously, after 2021 changes, this threshold was much lower, affecting many small sellers and service providers.
Key points
Raising the income reporting threshold for online platforms to $20,000 and 200 transactions annually.
Fewer casual workers will have their income automatically reported to the tax authorities by platforms.
The change aims to reduce administrative burdens for small businesses and gig economy workers.
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Additional Information
Print number: 117_HR_3425
Sponsor: Rep. Miller, Carol D. [R-WV-3]
Process start date: 2021-05-20