Freelancers fight back against DOL rules

The American workforce has seen a significant rise in freelance labor, with over half of those born after 1996 opting for self-employment. This shift is driven by the desire for flexibility and autonomy, despite the complexities of tax requirements. However, new regulations from the Department of Labor (DOL) threaten this gig economy by reclassifying many freelancers as full-time employees, which could undermine their independence. The DOL’s legislative folly risks destroying the freedom to freelance altogether. Freelancers contribute $1.27tn annually to the U.S. economy and pay more taxes than average workers. The accounting profession is urged to advocate for the repeal of these regulations to protect the freelance community and its economic contributions.