IR 2022-45, 3/1/2022
In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy.
Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be reported to the IRS. The IRS notes that taxpayers 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 (Payment Card and Third-Party Network Transactions), 1099-MISC (Miscellaneous Income), W-2 (Wage and Tax Statement) or other income statement or
- Paid in any form, including cash, property, goods or virtual currency.