IRS Launches Sharing Economy Resource Center

IRS Launches Sharing Economy Resource Center: The IRS has launched the Sharing Economy Resource Center, a website providing tax guidance and resources to those involved in the sharing economy. Also known as the "on-demand," "gig," or "access economy," the sharing economy uses the Internet and other technology advancements to facilitate a variety of transactions, such as apartment rentals. The IRS notes that income from a sharing economy transaction is generally taxable, even if the taxpayer doesn't receive a Form 1099-MISC or other income statement. Among other things, the Sharing Economy Resource Center offers tips on filing requirements, quarterly estimated tax payments, self-employment taxes, and vacation home rentals. Taxpayers can access the site via www.irs.gov and search for "sharing economy"