You might be surprised at the amount you pay for your 2022 side hustle when you file your tax return next year.

Bloomberg reports that a new federal requirement has been implemented that requires platforms that sell goods and services, such as Etsy or Airbnb, to issue IRS Form 1099K to any person who receives more than $600 annually via these platforms.

Also, the IRS must receive a copy of this form from the companies.

Form 1099-K displays the total transactions made by a gig economy platform user.

Platforms were not required to issue Form 1099K in previous years if they made more than 200 transactions or received more than $20,000 in payments. The new requirement, which is a provision in the American Rescue Plan Act 2021, applies regardless of how many transactions a gig worker engages.

Important to remember that the new requirement doesn't change anything. The income earned from gig work is generally taxable, as it was long before the American Rescue Plan Act was made federal law.

Some gig workers might have avoided these taxes in the past because they knew that the IRS would not receive reports about their gig income.

Bloomberg reports that even though gig income is taxable from before the new requirement, many gig workers are unhappy about it. According to the publication, one worker tweeted that "So we say tax rich, and they decide tax side hustles."

Even small-business experts agree that this new requirement will be more detrimental to average entrepreneurs than it is for well-off business owners.

Sandra O'Neill is a partner in Bowditch & Dewey and a tax attorney. She said that gig workers who don't pay attention could face the wrathful IRS.

"Maybe it's an IRS boon, but it'sn't coming from billionaires -- it comes from smaller businesses. It is much more difficult to pursue billionaires. Amazon is much more difficult to pursue. It's easy to sue a small business if they make a mistake.

We have already reported that estimates indicate that the new requirement could result in an additional $8.4 billion in federal tax revenue through 2031.