Sharing Economy: Tax Issues for the Gig Economy
Author: Sidney Kess, Barbara Weltman
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
This course will provide you with an overview of recent tax developments and highlights planning tips and techniques to help you in your practice.The course covers tax issues for those who are working in the gig economy.
Publication Date: December 2021
Designed For
Tax practitioners.
Topics Covered
- Overview of the Gig Economy
- Service workers
- Renting out property
Learning Objectives
- Describe where to report income and expenses earned in the gig economy
- Recognize how to explain self-employment tax on gig economy earnings
- Describe the limitations on deducting rental losses
- Recognize what the IRS is least likely to rely on in examining a return, when suspecting that a worker in the gig economy is underreporting income
- Identify which costs related to working in the gig economy is treated as a business expense
- Recognize Step 1 deductions, if the 14-day/10% rule applies
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
