Tag Archive for Gig Economy Tax Center

IRS Sets Up Gig Economy Tax Center

Gig Economy Tax Center

What is the Gig Economy?

The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website.

Gig Economy Income is Taxable

You must report income earned from the gig economy on a tax return, even if the income is:

-From part-time, temporary or side work
-Not reported on an information return form—like a Form 1099-K, 1099-MISC, W-2 or other income statement
-Paid in any form, including cash, property, goods, or virtual currency

What To Do?
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Written by | Posted in TaxConnections

IRS Helps Workers, Businesses With New Gig Economy Tax Center

Gig Economy Tax Center

The Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.

“The IRS developed this online center to help taxpayers in this emerging segment of the economy,” said IRS Commissioner Chuck Rettig. “Whether renting out a spare bedroom or providing car rides, we want people to understand the rules so they can stay compliant with their taxes and avoid surprises down the line.”

The gig economy is also known as the sharing, on-demand or access economy. It usually includes businesses that operate an app or website to connect people to provide services to customers. While there are many types of gig economy businesses, ride-sharing and home rentals are two of the most popular.
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Written by | Posted in Gig Economy Tax Center • IRS