You just finished a grueling audit that seemed to go on for months. As of yet, the IRS has not notified you of an adjusted tax liability, but you want to be prepared in case it happens. Knowing what to expect will help you prepare for the meeting with the agent.
This past year, a British man named Giles Hembrough was contacted by the HMRC (Britain's tax collection agency) with a notice that he owed over 14 trillion pounds in taxes. To put that number in perspective, it's enough money to buy 93 million Lamborghini cars or 46 billion iPhones.
The sharing economy is not a new concept. People have always rented out spare rooms, loaned their cars to other people and engaged in other types of "sharing" in exchange for money.