The sharing, or gig, economy allows individuals and groups to use technology advancements to arrange transactions that generate revenue from their assets, such as cars and homes, or from services they provide, such as household chores, delivery or technology services. The internet is used to connect suppliers to consumers. In addition, the sharing economy is often used to connect workers and businesses for short-term work. This trend represents a shift away from permanent, long-term positions held by employees to independent workers with temporary or shared relationships.
For highlights of various federal and state tax issues relevant to participants in the sharing economy, see Wolters Kluwer’s latest Tax Briefing, Federal and State Tax Impacts of the Sharing (Gig) Economy. To access the Briefing, please click on the following link: