Under the stimulus bill, for the 2022 tax year going forward, more workers will receive a Form 1099-K, which shows their gross income from gig economy platforms and which companies send to the IRS. The amendment made by subsection (a) shall apply to returns for calendar years beginning after December 31, 2021. The H.R.1319 - American Rescue Plan Act of 2021 - Section 9674.
The law and IRS guidance previously only required companies to send many workers these forms if the individuals earned more than $20,000 in income over more than 200 transactions, which is a high bar for the average person with a part-time side gig. The new law requires companies to send workers those forms if they earn more than $600, regardless of the number of transactions.
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