For The Gig Economy, A New Era Of Reporting Poses Big Tax Challenges

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The gig economy is alive and well. Even as COVID-19 upended the typical workforce norms, with more employees gaining the flexibility to work remotely, millions are still choosing to find a way to go into business for themselves. According to the freelancing platform Upwork, 59 million Americans performed freelance work in 2020, with that number estimated to grow to 90.1 million in the next six years.

But as these workers either begin or continue on their quest to harness the power of the side hustle – whether it’s as a ride-sharing driver, a part-time jewelry maker or any number of the thousands of jobs Americans are conducting in their free time – new financial reporting standards could disrupt the tax returns for millions.

Up until this point, tax reporting thresholds…

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