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HH. Schedule C Trade or Business Issues and the §183 Hobby Loss Rules
December 10, 2019@10:00 AM - 2:00 PM PST
Member Price » $169.00 | Non-Member Price » $199.00
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 the burden of proof of the taxpayers vs. the IRS.