Peter, a classmate of yours, earns extra income by driving for the ride-sharing companies, Uber and Lyft. During the current year, he expects to earn $8,000 from Uber and $7,000 from Lyft. He was informed by both companies that there is no third party reporting requirement to the IRS when the payments are less than $20,000 for the year. Since this income will not be "visible" to the IRS, he does not intend to report it.

Please explain his tax reporting requirements, if any. Cite the applicable relevant Code sections and administrative authorities