Taxation Issues of the Gig Economy (2024-25) 1.5 Credits
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In the United States, there are approximately 90 companies who are listed as gig businesses and many individuals who operate small businesses that are classified as gig companies.
In these situations, clients are receiving pay from third-party vendors, who are now facing new reporting requirements from Treasury. The first question that arises is the client’s classification, which could be an employee, independent contractor, hobbyist, or a small business owner. For individuals and small business owners who receive their income by means of third-party vendors, they will begin receiving 1099-K forms from these vendors depending on the changing reporting rules by Treasury. That is, $20,000 in years prior to 2024, $5,000 in 2024, and maybe $600 in 2025.
To some, this may seem like a new taxable income but, it always was taxable. But now, the IRS will be aware of this income because 1099-K forms by the vendors with the IRS. So, is this income taxable as an employee, independent contractor, hobbyist, or sole proprietor? In this webinar, we highlight the tax reporting issues associated with these individuals, as well as individuals selling tickets to events.
Major Topics Covered:
Join this webinar to gain essential insights into the gig economy, understand IRS tax implications, and ensure your grasp of worker classification and reporting is current.
Valid upto : Dec 31, 2024
Valid upto : Nov 30, 2024
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Advance Preparation
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Dr. Curatola is the Joseph F. Ford Professor of Accounting at Drexel University in Philadelphia. He is the Tax Column Editor for Strategic Finance since 1992. He has served as the editor of the Journal of Legal Tax Research and currently serves on the editorial review board of several journals, and has held a variety of leadership positions, including current national service with the Institute of Management Accountants. He has published over 250 articles in journals including Journal of Financial Services Professionals, Journal of the American Taxation Association, Journal of Forensic & Investigative Accounting, Oil, Gas, & Energy Quarterly, and Tax Notes to name a few. Dr. Curatola was a co-editor on IRA Answer Book by Wolters Kluwer and author of the EA Review course for Surgent Publishers. Dr. Curatola externally funded research findings have appeared in media such as Forbes Magazine, The Washington Post, The Wall Street Journal, The New York Times, and other media outlets.
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Good handout materials and examples during the presentation.
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