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IRS delays $600 income reporting rule for U.S. gig workers

IRS delays 0 income reporting rule for U.S. gig workers
© Reuters. FILE PHOTO: The Internal Revenue Service (IRS) building is seen in Washington, U.S. September 28, 2020. REUTERS/Erin Scott

 

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WASHINGTON (Reuters) – The U.S. Internal Revenue Service said on Friday it would delay a new rule requiring more extensive reporting by gig workers and others who are paid through third party apps, after complaints the rule was too onerous.

The rule, part of the COVID-19 relief bill called the “American Rescue Plan,” would have required people paid over $600 in 2022 on third party payment apps like Venmo or PayPal (NASDAQ:PYPL) to report that figure as income to the tax agency. The previous reporting requirement threshold was 200 transactions or $20,000.

“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. The rule will now apply to money earned in 2023, the agency said.

Millions of Americans earn significant portions of their income through freelance gigs, selling items through websites like eBay (NASDAQ:EBAY) and Etsy (NASDAQ:ETSY) and through home rental apps.

Source: Investing.com

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