- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
The gig economy has changed how people commute, travel, rent vacation accommodations, and perform many other activities. Also referred to as the sharing economy, the gig economy allows individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess or services they provide. This course covers the individual income tax reporting related to generating revenue from a service or from an asset in an easy to understand format. The qualified business income (QBI) deduction is explained as it relates to taxpayers in the gig economy and includes charts, worksheets, and multiple examples. This basic level course is most beneficial to professionals new to gig economy taxation who may be at the staff or entry level in an organization but also for a seasoned professional with limited exposure to this topic.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify the proper reporting of service income, expenses, and depreciation;
calculate the qualified business income deduction;
recognize the personal property rental reporting requirements;
identify the three categories of residential rental property and the federal income tax reporting of each; and
recognize that sharing economy taxpayers may need to make estimated tax payments to avoid underpayment penalties.