Accounting for the Gig Economy

Overview

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.

Highlights

• 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

Prerequisites

Basic working knowledge of accounting and financial reporting

Designed For

CPAs in public practice and members in industry

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 

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.