September 9, 2016
The gig economy keeps growing, and that’s a problem for the IRS. More than 2.5 million taxpayers earned income in 2014 through sharing economy businesses such as Uber, Airbnb and Etsy, according to a recent study by researchers at American University in Washington, D.C., and that number is expected to double in the next few years. But much of the income they earned likely went unreported, largely because the tax system has failed to keep up with this emerging economy, the study found. The result: Uncle Sam could be losing out on billions in tax collections….