What to know about taxes and the gig economy
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can be a little confusing in this model. The agency says that “taxpayers must report their gig economy earnings on a tax return – whether they […]
Tax reporting changes for the gig economy
Changes, changes, and more changes. With the multitude of changes in the tax laws, it is not always easy to determine which ones may affect you and your business. The American Rescue Plan Act, which will go in effect this year, has a change in how to report payments made to merchants. What are the […]
Labor Dept. clarifies employee vs. independent contractor rule
Classifying employees or independent contractors has become more muddled during the Covid-19 crisis that has only increased the reliance on gig economy workers. In an attempt to bring clarity, the Labor Department finalized its rule earlier this month for determining whether a worker is considered an employee or an independent contractor. U.S. Secretary of Labor […]
