S28-Taxation & the Gig/Shared Economy

Friday, June 28 | 8:00 am - 9:40 am
Track: Individual
CE Categories:
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Jeffrey Schneider, EA, CTRS

Description: What is the shared economy? Airports call the gig economy the shared economy and that refers to “RideShares” like Uber and Lyft. However, we will discover that it is much more than ridesharing and the taxation can be tricky. Learn how IRC §280A and 469 and hobby loss rules affect those working in the gig economy.

Learning Objectives
1. Understand what the Gig/Shared/Contingency Economy is
2. Learn about residential rental rules (IRC §280A and 469) and local tax rules
3. See how non-residential rental rules
4. Identify deductible expenses for a sharing economy driver or other freelancer
5. Compare hobby versus business
6. Reconcile information reporting forms
7. Be aware of worker classification concerns
8. Beware of due diligence in serving your new economy clients (as broadly defined)

Learning Level: Introductory

Prerequisites: None

Advanced Preparation: None