This course builds on the foundational knowledge from Part 1, Fundamentals of the 1040 - Core Concepts. It expands into business income taxation and additional reporting requirements.
DESIGNED FOR
CPAs, EAs, tax professionals, Tax Attorneys, Paralegals
BENEFITS
After attending this presentation, you will be able to...
- Analyze Schedule C to determine business income, deductions, and self-employment tax implications
- Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
- Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
- Calculate self-employment tax and apply deductions related to business expenses
- Implement preparer best practices to avoid common IRS audit triggers
- Apply tax rules for reporting pass-through entity income on individual tax returns
- Assess legislative updates affecting business income reporting for the current year
HIGHLIGHTS
The major topics that will be covered in this course include:
- Self-employment and business income taxation (Schedule C, self-employment tax, business deductions)
- Reporting income from pass-through entities (Schedule E, Schedule K-1, Shareholder stock and debt basis on Form 7203)
- Application of Form 7217 for capital construction funds
- Best practices for self-employed clients and small business owners
- Key deductions and credits for business owners
- Avoiding common IRS audit triggers related to business income reporting
- Legislative updates impacting business income taxation in the current year
PREREQUISITES
Fundamentals of the 1040
ADVANCE PREPARATION
None