Influencer clients present complex tax issues that go far beyond basic Schedule C reporting. This session covers some of the most relevant taxation issues for creators, such as qualified business income (QBI) eligibility, tracking and reporting the fair market value (FMV) of items, travel deductions and niche expenses.
Overview
Upon completion of this session, you will be able to:
Evaluate QBI eligibility for influencer clients, including application of the specified service trade or business (SSTB) rules and name-image-likeness considerations under §199A
Analyze the proper tax treatment of barter and gifted items by tracking FMV, reporting phantom income and addressing resale transactions
Apply sound tax reasoning to evaluate domestic and international travel expenses related to influencer activities
Analyze niche expense categories and audit outcomes to determine when personal lifestyle costs cross into nondeductible territory, and what kind of substantiation can be used to help develop defensible positions
