I’m sure you have heard about Uber and probably used it once. But what does Uber have to do with young CPAs?
Accounting Today recently published an article about the tax implications of the ‘sharing economy’, which include some of our favorite apps which we use on a regular basis. Due to the growth of the sharing economy, the IRS has a created a Sharing Economy Tax Center. The site gives vital information about the tax implications of participating, as a worker, in this burgeoning sector.Ultimately, people that find work using these apps are small business owners; however, many don’t understand the tax implications of being one. There are many tax questions That arise to being a small business owner, such as:
- Are you an employee or an independent contractor?
- What income and expenses need to be reported?
- Do you have to make estimated tax payments?
Young CPAs are uniquely positioned for growth opportunities in this sector, as we are more familiar with the technology. The sharing economy is transforming the labor market; and as a result, we’ll likely see more ‘shoe boxes’ full of receipts.
Caler, Donten, Levine, Cohen, Porter & Veil, PA