Beginning January 1, 2023, the IRS will require payment processors like Venmo, Cash App, and Zelle to issue a 1099-K for business transactions totaling $600 in a year.
Technological innovation presents unique challenges to everyday workers as industries are being transformed. Technological advancements will ultimately create millions of jobs and enable further growth. But such progress will also displace millions of workers.
At a time when many Americans are struggling with rising inflation, opportunities to earn extra income in the gig economy are more important than ever. But occupational licensing poses a problem.
While the PRO Act has yet to be passed into law nationally, California passed legislation that serves as the model for the new classification system outlined in the PRO Act. And it was a disaster for workers and consumers.
