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    Global Daily Tax News, US Set To Drop Gig, Sharing Economy Reporting Rules, (May 29, 2025)

    US tax reform legislation recently approved by the House of Representatives would ease reporting requirements in respect of gig and sharing economy transactions.

    Third-party settlement organizations, such as Venmo and Paypal, and online marketplaces ...

    US tax reform legislation recently approved by the House of Representatives would ease reporting requirements in respect of gig and sharing economy transactions.

    Third-party settlement organizations, such as Venmo and Paypal, and online marketplaces are required to file Forms 1099-K with the IRS and issue the same to payees where funds transferred to the taxpayers were worth more than than USD5,000 in 2024 and more than USD2,500 in 2025.

    This figure was set to fall to USD600 for the 2026 calendar year.

    The so-called One Big Beautiful Act would raise this dollar threshold to USD20,000 and the number of transactions required to trigger the reporting obligation from one to 200.

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