Gigs and Taxes

Overview

During the past 15 years or so, many industries have been disrupted by the arrival of entrepreneurial companies and individuals who provide alternatives to the more traditional product and service offerings in the everyday marketplace. For example, alternatives now exist to the traditional taxi-and-hotel routine of travelers and vacationers, and for diverse services such as grocery shopping and fashion selection. And in terms of the workforce, an individual may work a part-time "gig" as a shared-car driver, while his neighbor shares her house by renting out a room to a visitor on a short-term basis.

The nature of this new "gigs" and "sharing" economy presents many challenges to taxation authorities and tax professionals in our efforts to track and report an individual's income and expenses related to the products or services that are now delivered sometimes in-person and sometimes electronically.

In this course, we will review some of the typical products and services offered within the gigs and sharing economy, with emphasis on shared-car services and shared rental services.

Then, we will discuss the main tax issues related to these particular services, as well as reporting to the IRS. Finally, we will cover recent developments and likely future developments.

Learning Objectives

After completing this course, students should be able to:

  • given examples, distinguish the types of products and services that are typically performed within the gigs and sharing economies, and the online platforms or apps that support them
  • identify the general nature of the ride-sharing and home-sharing services in the gigs economy and identify the two largest companies operating in each of those markets
  • identify the general principles and forms involved in reporting ride-sharing and home-sharing business activities to the IRS
  • identify certain aspects of the nature and of the growth trend predicted for the gigs economy for the next 5-10 years

Tax Year: 2021

Designed For

CPAs, EAs, and other tax professionals

Advanced Preparation

None

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

Find this course for your license:

License or Certification

Regulator

Type