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New Tax Law Eases Reporting Rules for Gig Work, Payment Apps
Analysis August 01, 2025 at 01:38 PM
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What You Need To Know
- The OBBBA increases the 1099-NEC reporting threshold from $600 to $2,000 and indexes it to inflation.
- Other changes will affect reporting requirements for certain vendor payments facilitated via third-party applications.
- The updates are particularly important for business owners who use contractors, who should now face less paperwork.
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