{"id":54336,"date":"2018-03-20t12:50:15","date_gmt":"2018-03-20t16:50:15","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=54336"},"modified":"2024-10-01t09:35:52","modified_gmt":"2024-10-01t13:35:52","slug":"new-economy-surges-irs-falls-behind","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/03\/20\/new-economy-surges-irs-falls-behind\/","title":{"rendered":"as new economy surges, irs falls further behind"},"content":{"rendered":"

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irs caught unprepared for the tectonic shift in the income-tax landscape.<\/strong><\/p>\n

by rick telberg<\/em>
\n卡塔尔世界杯常规比赛时间<\/em><\/p>\n

the gig economy is big and getting bigger. it\u2019s service providers are making real money, but they\u2019re often as lost as an uber driver with a dead phone.<\/p>\n

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special report \u2013 fixing the irs<\/strong>: irs #fails at online services spell problems for professionals<\/a> | tax accountants fill the breach of a failing irs<\/a> | beware the ez way out<\/a> | can the irs improve its phone service?<\/a> | when clients face \u2018unreal\u2019 irs audits<\/a> | irs warns about private debt collectors for tax season 2018<\/a> \u00a0| underfunded irs swamped with problems<\/a> | irs in retreat from communities<\/a> | military personnel face new battles at home: the irs<\/a> | as new economy surges, irs falls further behind<\/a> | is the irs winning the battle against identity theft?<\/a> | irs mulls raising fees to cover budget shortfalls<\/a> \u00a0|<\/p>\n

more at taxtrendlines.com<\/a><\/em><\/p>\n

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the gig economy, also known as the sharing economy, is that market of \u201ccollaborative consumption\u201d typified by uber, lyft, airbnb, etsy, taskrabbit, and many others. such services are typically coordinated by a website that links customers with service providers, yielding a good deal all around: somebody gets a cut-rate service, and somebody gets the flexibility of part-time self-employment.<\/p>\n

but that latter somebody might need somebody else to advise them on tax compliance.<\/p>\n

according to a 2016 pew research center survey, nearly a quarter of the u.s. population earned money doing gig work. eight percent of americans used a digital platform, such as those mentioned above. internationally, gig revenue is expected to explode from $15 billion in 2013 to $335 billion in 2025.<\/p>\n

an estimated 85 percent of gig workers make less than $500 per month. these innovative, fast-moving, hard-driving \u201cnanopreneurs\u201d often juggle several sources of income, each with its own tax implications.<\/p>\n

some of the web platforms keep track of income and send participants the appropriate tax forms and relevant information. but many don\u2019t, and virtually none include information on, say, depreciation, deductible expenses, income averaging, and so on.<\/p>\n

so who\u2019s guiding these millions of americans in their efforts to stay tax compliant?<\/p>\n

well, not the internal revenue service. not much, anyway.<\/p>\n

the irs has not issued industry-specific guidance outlining the common tax issues faced by purveyors of gig services. it doesn\u2019t seem to realize that these hard-working taxpayers spend their days driving cabs, cleaning bathrooms, painting pictures, or crafting soap to sell online. one thing they are not doing is dedicating the estimated 40 hours that are needed to learn about depreciation methods.<\/p>\n

consequently, a lot of income disappears in what could be called \u201clazy noncompliance,\u201d that is, income unreported or misreported or otherwise not making its way into a tax return. many of the mistakes result from taxpayers getting information from online forums, where people who know a little help people who know less.<\/p>\n

the irs recently launched a web page with tax tips for taxpayers in this new industry segment, but it could and should be doing much more. the tax advocacy service, disappointed in the irs\u2019s efforts to help this segment achieve tax compliance, has made several suggestions.<\/p>\n