GIG Economy Tax Compliance & Tax Savings and Form 1099-K
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The GIG economy is here to stay; drivers, deliveries, online rentals, side-services such as pet sitting, food trucks, remote office work, handyman, on-line sales, etc. Accurate compliance reporting for this side income is critical and unique IRS rules and regs for auto expense, travel, home office, shared rentals, etc. will also save tax dollars. We'll also discuss new Form 1099-K filing requirements and how this may affect our clients.
Publication Date: August 2024
Designed For
Tax practitioners with clients providing services or sales in the GIG economy
Topics Covered
- Form 1099-K and Form 1099-NEC
- Crowdfunding
- Hobby Loss Rules
- Safe Harbor
- Crypto Currency, NFTS, and Digital Assets
- Renting of Personal Property Such as Automobiles
- Auto expenses
- Rental Real Estate
- Home office expense
- Real Property Trade or Business
Learning Objectives
- Determine filing requirements for different GIG Economy income; rentals, driving & delivery, on-line sales, etc.
- Identify how to report specific expenses related to the GIG economy, auto expenses, home rental, and more to support tax savings
- Identify strategies for working with clients to report their GIG economy income
- Identify the latest Form 1099-K guidance and how it affects taxpayers receiving the form, including non-taxable Form 1099-K income
- Identify clients which may have compliance exposure from unreported Gig economy activities
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
