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<blockquote data-quote="tonyexpress" data-source="post: 4799697" data-attributes="member: 1940">Yes, I have had to issue 1099s for over $600 for years as well.I believe this is different...<h3><a href="https://thewestsidegazette.com/late-hit-provision-affecting-millions-of-gig-economy-workers-added-to-covid-relief-bill/" target="_blank">Late Hit: Provision Affecting Millions Of Gig Economy Workers Added To COVID-Relief Bill </a></h3>The measure, the final version of which is expected to pass this week, would not increase the tax rate for such workers, and experts describe it as a sensible move to simplify rules. However, they also acknowledge tighter accounting of revenue from third-party, app-based vendors, such as Uber, Airbnb and DoorDash, could force some to pay more taxes by having to document additional income.The measure drops the reporting threshold from $20,000 and at least 200 transactions to $600 for those earning extra cash on the side, as well as the companies that pay them.Currently, those making less than $20,000 by occasionally renting out property or delivery driving have to pay taxes on that income but do not have to detail the source or associated business expenses. The tech-based companies connecting such earners to customers do not have to supply a 1099-K tax form to help them calculate reportable income.</blockquote>

[QUOTE="tonyexpress, post: 4799697, member: 1940"] Yes, I have had to issue 1099s for over $600 for years as well. I believe this is different... [HEADING=2][URL='https://thewestsidegazette.com/late-hit-provision-affecting-millions-of-gig-economy-workers-added-to-covid-relief-bill/'][SIZE=5]Late Hit: Provision Affecting Millions Of Gig Economy Workers Added To COVID-Relief Bill [/SIZE][/URL][/HEADING] [SIZE=5]The measure, the final version of which is expected to pass this week, would not increase the tax rate for such workers, and experts describe it as a sensible move to simplify rules. However, they also acknowledge tighter accounting of revenue from third-party, app-based vendors, such as Uber, Airbnb and DoorDash, could force some to pay more taxes by having to document additional income. The measure drops the reporting threshold from $20,000 and at least 200 transactions to $600 for those earning extra cash on the side, as well as the companies that pay them. Currently, those making less than $20,000 by occasionally renting out property or delivery driving have to pay taxes on that income but do not have to detail the source or associated business expenses. The tech-based companies connecting such earners to customers do not have to supply a 1099-K tax form to help them calculate reportable income.[/SIZE] [/QUOTE]

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