Gig and Part time workers avoid getting audited

by | Jan 26, 2023 | Gig Workers, Tax Tips

Gig workers who were paid via Cash App, PayPal and Venmo should avoid getting audited

 

Business and gig workers who get paid via Cash App, Venmo or PayPal should report cash received if it totals over $600 annually.

Last year the Internal Revenue Service (IRS) informed gig workers and part-time workers they should declare payments received via Cash App, Venmo, or PayPal.

These persons can file form 1099-K to declare earnings. Failure to do so may result in an audit.  Over the past year, the threshold for how much a worker can earn how decreased significantly.  It used to be earnings over $20,000 with 150 transactions or more, but now it any payment over $600.

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