Reporting taxable income for Instagram influencers proves challenging for tax professionals
More taxpayers report income from gig economy on 2020 returns, additional regulations noted by tax pros
APPLETON, Wis. - March 8, 2021 - PRLog -- Millions of Americans took on a side gig in 2020 partly due to the economic impacts of COVID-19, which means millions of taxpayers will try to take additional deductions for costs related to emerging freelance jobs, such as social media influencers, Twitch gamers, Instacart shoppers and more. All of these will also need to be reported on Schedule C.
The National Association of Tax Professionals (NATP) is hosting a webinar March 23 and 24 that takes a refreshed look at Schedule C with this booming industry in mind from the lens of a tax professional and how they will need to complete their clients' returns.
The knowledgeable tax professional can assist the taxpayer with proper reporting of these activities, coach the business owner in good recordkeeping and other skills necessary to run a successful business, or even help determine it's merely a hobby. Webinar attendees will leave equipped to complete a simple Schedule C and Schedule SE when applicable and summarize the reporting of some of the newest types of gig economy activities.
Subject matter experts will be available to answer questions during the live presentation. NATP members can attend for free or a discounted rate, depending on membership level. It is also available on demand for those who cannot make the live broadcast.
About NATP: The National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. 23,000 members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Looking for a tax expert? Rhonda Collins, EA, CPA, MBA, is the director of tax content and government relations at the National Association of Tax Professionals (NATP). Collins has a diverse background of over 25 years in the industry. As a licensed CPA and EA, Collins can represent clients before the IRS. She is available for phone or video interviews to discuss federal tax topics including tax law change and its implications, taxpayer issues, tax preparer regulation and more. To schedule an interview with Collins, contact firstname.lastname@example.org.
Nancy Kasten, marketing and communications director