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On December 23rd, Freelancers in New York State received a major blow with the news of Governor Kathy Hochul vetoing the Freelance Isn’t Free legislation (S8369B/A9368A). This unfortunately marks the second freelance-related legislation that has been vetoed by the Governor this year after rejecting a plan to expand the Secure Choice Law (S8654A/A9882A), which would have included freelancers in a state sponsored retirement savings program. Freelancers Union continues to believe that New York is the most progressive home to freelancers nationwide, but with this news, we are urging New York to increase protections for independent workers in accordance with the significant contributions derived from freelance work. Rafael Espinal, Executive Director of the Freelancers Union, said: “With 39% of the entire U.S. workforce freelancing this year and a total of $1.35 trillion in annual earnings to the U.S. economy from freelance contributions, we are saddened by the Governor’s calculation that there is not enough room in our budget to adequately protect the growing independent workforce in the state. We thank the legislature for passing this significant legislation and we will be no doubt back in January to make sure we get this done next session.” "The National Writers Union and the tens of thousands of freelance writers, authors and media workers in NYS are extremely disappointed in the Governor's veto. Freelance Isn't Free simply requires a written contract and payment within 30 days of invoicing, which should be the bare minimum in worker protection,” said Larry Goldbetter, President of the National Writers Union. “To veto a package of bills over a lack of funding for the Department of Labor at the last minute is disturbing, particularly when Freelance Isn’t Free, like the other bills in the package, passed both houses in a legislative session that ended over six months ago. This is especially concerning given that Governor Hochul was elected in November with the support of unions and workers. This set-back only strengthens our determination to fight for protections for freelancers, and win Freelance Isn't Free in the New Year." We thank sponsors Senator Andrew Gounardes and Assembly Member Harry Bronson for standing besides freelancers and championing Freelance Isn’t Free. We also thank the sponsors of the Secure Choice expansion bill, Senator Diane Savino and Assembly Member Albert A. Stirpe Jr.. The Freelancers Union is proud to have worked alongside these legislators and all the advocacy groups in our coalition. Despite this unfortunate outcome, we are proud of the progress we have made in service of independent freelancers.
via Freelancers Union Blog https://blog.freelancersunion.org/2023/01/03/governor-kathy-hochul-vetoed-the-nys-freelance-isnt-free-law-which-would-have-expanded-landmark-protections-to-freelancers-across-the-state/
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Breaking News on Payment Platform Tax Reporting: The IRS Delays $600 Reporting Threshold for 1099-Ks1/3/2023
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The IRS has just announced a delay in the income reporting thresholds for third-party settlement organizations (TPSOs) such as PayPal, Venmo, and CashApp. This is a key change which may impact your 2022 freelance tax filing. Until now, the IRS was set to start scrutinizing business-related transactions and the income derived from them on third-party payment platforms more closely in the 2022 tax year with a much lower reporting threshold of just $600 and a requirement that these companies report on a 1099-K Form. This change has been delayed until 2023. Currently, the reporting threshold applies when a taxpayer completes more than 200 business transactions per year, exceeding an aggregate amount of $20,000. Note that this does not apply to personal transactions between friends or family members for incidental, personal purchases. In addition, it is critical to note that you need to report all income on your tax return, no matter what the source of it is. The IRS stated that the delay is intended to reduce confusion during the upcoming 2023 tax filing season. The change came about with the introduction of The American Rescue Plan of 2021 which adjusted the current law beginning Jan. 1, 2023 to require TPSOs to report third-party network transactions paid in 2022 with $600 in aggregate payments, no matter how many transactions were involved. TPSOs report these transactions by providing the IRS Form 1099 K to affected taxpayers. With this breaking news on the reporting requirement for TSPOs shifting to 2022, if you already received a Form 1099-K from the platforms that you use for your freelance business, stay tuned for additional guidance before filing your 2022 taxes. Remember even with this change theThe existing IRS 1099-K reporting threshold of $20,000 in payments from over 200 transactions should be followed.
● Remember that you need to report all freelance business income on your tax ● Be sure to report all income on your freelance tax return unless it is excluded by Make sure to factor in any income from third-party payment platforms in your estimated tax payments at the federal, state, and local levels.
via Freelancers Union Blog https://blog.freelancersunion.org/2023/01/03/breaking-news-on-payment-platform-tax-reporting-the-irs-delays-600-reporting-threshold-for-1099-ks/ |
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