Taxation of Gig Economy Income

Schedule Friday, December 8, 2023 || 08:00 AM PDT | 11:00 AM EDT
Duration 90 Mins
Level Basic & Advanced
Webinar ID IQW23L1249

  • Who is a gig worker and how are they classified? 
  • Reporting requirements of gig worker income. 
  • Reporting requirement of ticket sellers through third-party vendors.
  • Use of Forms 1099-MISSC, 1099-NEC, and 1099-K.
  • The tax penalties associated with the gig worker.

Overview of the webinar

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. 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 when the overall annual payment is $600 or more (was $20,000 or more). 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, or sole proprietor?  In this presentation, the tax reporting issues associated with these workers and casual sellers of tickets to an event are discussed.

Who should attend?

CPAs, Enrolled Agents, Tax Preparers, Small accounting firms, Consultants, and Individuals with a Record of Completion of the Annual filing Season Program.

Why should you attend?

If you are a small business consultant or tax professional with clients receiving money from third-party vendors, you need to be aware of the tax rules associated with employees, independent contractors, and small business owners as part of the gig economy. In addition, if you have clients selling tickets to sporting events and being paid by third-party vendors, these individuals will be receiving 1099-K Forms from the vendors if gross sales are $600 or more.

Faculty - Mr.Tony Curatola

Tony Curatola’s area of research interest is the taxation of individuals and employee benefits.  He has authored over 200 articles in his field and has completed sponsored research.  His findings on the source tax have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance, past editor of the Journal of Legal Tax Research, author of Interactive education courses for CeriFi (previously Thomson Reuters). He holds a variety of leadership positions at the Institute of Management Accountants and the IMA Research Foundation. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.

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