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Schedule C Trade or Business Issues and the §183 Hobby Loss Rules

Course Price: $199.00
CPE Credits
January 1, 2018
Course Time
12:00 AM
Advanced Preparation
Course Level
Knowledge of Federal Income Tax
Paul La Monaca CPA, MST

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".

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the 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 particular tax procedure, tax planning technique or 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 particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.