Q. Schedule C Issues Facing the Tax Professional | Webinar
- Course Description
Schedule C has become a prime target for audit by the IRS. We will look at some of the issues regarding critical issues facing the tax professional's dealings with proprietorship clients.
- §162 Ordinary and Necessary Business Expenses
- Sole Proprietor Issues High Up on the IRS "Tax Gap" List
- Due Diligence Issues of the Preparer
- Form 1099 MISC Reporting Responsibility of Taxpayer
- Net Trade or Business Loss vs. §183 Hobby Loss Limitation
- Active Participation vs. Passive Involvement
- Self-Employment Tax Required on Net Business Income
- Pension Contribution Amounts Allowable on Page 1 of Form 1040
- §195Startup Expenditures
- Record Keeping Responsibilities of the Taxpayer and Preparer
- Principle Business Activity and Standard Industry Code Issues
- Form 8829 Home Office Deduction Available if Exclusive and Continuous Use
- Benefits of Hiring Spouse and Providing Health Benefits to that Spouse’s family
- Business Owned Together By Spouses: Partnership vs. Election of Two Separate Schedule Cs
- §274 Substantiation Rules for all Allowable Deductions
- Accounting Methods Available
- Material Participation Issues
- Inventory Methods and Requirements of Reporting
- §465 At Risk Limitation Issues
- Acquisition and Sale of a Schedule C Business and §1060 Basis Issues
- §280F Automobile Use and Accountability
- Learning Objectives
After completing the program, participants will be able to identify and categorize business expenses of sole proprietors.
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Your certificate will be emailed to you within 10 business days of the completion of the course.
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