Gig Economy: Higher Tax Reporting Thresholds
A house committee must act next: committee consideration.
While it has strong Republican support and addresses a widely unpopular tax rule, it faces a divided Congress where some may resist reversing previous legislation.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Small business owners and sole proprietors who accept payments through third party apps or payment cards would see fewer unnecessary tax forms and reduced paperwork confusion, since reporting would only trigger at much higher transaction volumes. This lowers the administrative burden of matching many small 1099-K forms against actual business income.
“A third party settlement organization shall be required to report any information under subsection (a) with respect to third party network transactions of any participating payee only if”
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Rep. Carol Miller reintroduced the Saving Gig Economy Taxpayers Act to restore the 1099-K threshold to $20,000 and 200 transactions, aiming to protect casual sellers and gig workers from unnecessary IRS paperwork.
The House Ways and Means Committee voted to advance the Saving Gig Economy Taxpayers Act, a Republican-led effort to restore the $20,000 reporting threshold for digital payment platforms like Venmo.
Representative Carol Miller and other House Republicans reintroduced the Saving Gig Economy Taxpayers Act, which would return the 1099-K reporting threshold to $20,000, citing the burden on casual sellers.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Saving Gig Economy Taxpayers Act
Analysis generated by AI. Always verify with official sources.