Self-Study Course Details
Course Description

There is little doubt in the minds of many observers that the world of work—an environment in which a legion of wage earners commute to an employer’s office or worksite to toil from 9 to 5—is changing, and that impression is bolstered by recent studies. Among those studies is a Gallup report titled “The Gig Economy and Alternative Work Arrangements.” The changing nature of work for many taxpayers is likely to have an effect on tax preparers’ need to prepare Schedule C.

The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job.

Whether the strength of the gig economy is due to the flexibility and freedom it affords, the fewer limits on income it exerts compared to being a wage earner or results from some other advantage it offers, it seems clear that, barring a cataclysmic event affecting the economy, the gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers’ need to be familiar with preparation of Schedule C.

Learning Objectives
  • Identify the types of income reported on Schedule C
  • Recognize how to determine proprietors’ installment sale income when using the installment method
  • Discover the business expenses deductible on Schedule C
  • Identify the differences between a business and a hobby
  • Recognize how to apply the rules governing the deduction for business use of a taxpayer’s home
Prerequisites
  • None
Advanced Preparation

None

Author Details
  • Paul Winn
    Paul Winn

    Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.

NASBA Sponsor
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.
IRS Approved
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa LLC is an IRS-approved continuing education provider. Provider #: KKRBE

$40.00

CPE
  • Webinars: CPE certificates will be accessible through your dashboard 1 hour after a webinar concludes.

    Self-Study: CPE certificates will be accessible through your dashboard immediately after passing the qualified assessment.

    For specific instructions on accessing your CPE, please see our FAQ section on our support page.

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