Sharing Economy: Tax Issues for the Gig Economy

Author: Sidney Kess, Barbara Weltman

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

The course will begin with a discussion on how the gig economy impacts workers and businesses. It then moves on to a review tax issues for services workers such as the importance of keeping records, worker classification and deductible expenses. Fringe benefits and how they related to gig economy will be covered as will the self-employment tax and estimated taxes. The last part of the course reviews the sharing economy and related tax rules such as the passive activity loss limitations, the hobby loss rules, and special rules for home rentals.

Publication Date: August 2017

Designed For
Tax practitioners.

Topics Covered

  • Gig economy
  • Worker classification
  • Record keeping
  • Deductible expenses
  • Hobby loss rules

Learning Objectives

  • Describe where to report income and expenses earned in the gig economy
  • Explain self-employment tax on gig economy earnings
  • List the limitations on deducting rental losses

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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