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Q. Schedule C Issues Facing the Tax Professional | Webinar

Course Price: $49.00
CPE Credits
Tuesday, August 3, 2021
Course Time
12:30pm - 01:30pm PT
01:30pm - 02:30pm MT
02:30pm - 03:30pm CT
03:30pm - 04:30pm ET
Advanced Preparation
Course Level
Knowledge of preparing Form 1040
Paul La Monaca CPA, MST
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.

Topics covered:

  • §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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