HH1. Schedule C Trade or Business Issues and the §183 Hobby Loss Rules | On-Demand
- Course Description
This course reviews the important tax issues of operating a trade or business as a sole proprietorship for Federal Income Tax purposes. It reviews the reporting details required for including revenue under §61 and deducting ordinary and necessary business expenses under §162 on Schedule C of Form 1040. The course also stresses the importance of good record keeping. It will review the new §199A Qualified Business Income rules as they apply to sole proprietors for deducting the "20% pass through deduction". The course also reviews the §183 Hobby Loss rules before and after the Tax Cuts and Jobs Act and discusses the issues of audits and burden of proof of the taxpayers vs. the IRS.
- Learning Objectives
At the completion of this course participants will be more equipped to address the challenges of properly preparing a Schedule C and understanding the limitations when an activity is not a trade or business. The participant will also obtain an understanding of §199A Qualified Business Income and the allowance and limitations of the "20% pass through deduction".
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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.
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Your certificate will be emailed to you within 10 business days of the completion of the course.
- Once your registration confirmation is emailed, due to the proprietary materials and content of On-Demand orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
- On-Demand materials and On-Demand presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
- Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
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- On-Demand require a test for CPE. 3 attempts are allowed.
- You have 1 (one) year from date of purchase to complete the On-Demand course by taking the test.