Accounting for the Gig Economy (W092325)

Date and Time: Tuesday, September 23, 1:00 pm – 2:50 pm EST

Description: Freelance work and other non-permanent employment arrangements are becoming increasingly popular ways for people to earn a living. Although these non-traditional activities offer novel, flexible ways to earn income from diverse sources, they also introduce nuanced recordkeeping, reporting, and attestation issues. We investigate characteristics of the gig economy, employee-versus-contractor considerations, bookkeeping, regulatory compliance, and external reporting considerations. We also explore best practices for CPAs who fulfill the role of trusted advisor for gig economy clients.

Learning Objectives:

• Identify characteristics of the gig economy and its participants
• Distinguish unique circumstances encountered by gig economy participants
• Analyze implications of independent contractor considerations
• Identify recordkeeping, reporting and attestation issues for independent contractors
• Recognize unique regulatory compliance and external reporting considerations
• Identify best practices for CPAs who serve independent contractor clientele Identify potential financial reporting frameworks

Major Subjects:

• Characteristics unique to the gig economy
• Independent contractor and employee classification considerations
• Recordkeeping considerations for independent contractors
• Accounting and reporting issues for gig economy participants
• Audit and attestation for clients who participate in the gig economy
• Tax and regulatory considerations
• The CPA as a trusted advisor for independent contractors

Who should attend: CPAs in public practice or members in industry.

Program Level: Intermediate

Developed by: Van Der Aa Tax Ed

Instructor:  Dr. Chris Harper, CPA

CPE Credit: 2 hours

Field of Study: Accounting

Prerequisites: Basic working knowledge of financial reporting.

Advanced Preparation: None