Skip to main content

2E. Sole-Proprietorships Formation and Operation | Webinar

Course Price: $89.00
CPE Credits
2
Date
Thursday, September 16, 2021
Course Time
10:00am - 11:45am PT
11:00am - 12:45pm MT
12:00pm - 01:45pm CT
01:00pm - 02:45pm ET
Advanced Preparation
None
Course Level
Basic
Prerequisite
Knowledge of Federal Tax Law
IRS CPE
2
NASBA CPE
2
CTEC CPE
2
Instructor
Paul La Monaca CPA, MST
Course Description

This course will address the following issues:

  • The lion's share of small businesses in the United States are operated as sole-proprietorships.

  • Over 25,500,000 individual Forms 1040's include a Schedule C.

  • The IRS estimates that over $122 Billion of the Annual Tax Gap is a result of sole-proprietors not reporting all of their income and overstating their deductions on the Schedule C. In addition, there is another $57 Billion of underpaid self-employment tax by sole-proprietorships.

  • The federal tax benefits attributable to operating a trade or business as a sole-proprietorship include:

  • Ease of formation and liquidation

  • Availability of the §280A Home Office Deduction on Form 8829 creating a larger deduction for operating a business vehicle

  • Ability to hire spouses and children and deduct medical benefits on the Schedule C and reduce the family's overall tax liability.

  • The ability of working with a spouse as a Qualified Joint Venture (QJV) and not be subject to the compliance rules of a Partnership and the requirements to file a IRS

  • Form 1065 and issue Schedule K-1s

  • The ability to have a private pension plan to maximize income tax benefits.

  • Allowing for the deductibility of the 20% §199A Qualified Business Income Deduction on new IRS Form 8995.

This course also provides an understanding of what is a business for income tax purposes, versus a hobby under the §183 Hobby Limitation rules.

  • IRS: Federal Tax Law Topics 2 CPE
  • CTEC: Tax Law 2 CPE
  • NASBA: Taxes 2 CPE
Learning Objectives

At the conclusion of this course the Tax Professional will have the knowledge needed to properly advise clients on the formation and operations of a Schedule C Sole-proprietorship.

In addition, the Tax Professional will be able to assist their clients on determining if a sole-proprietorship is the proper tax entity for their small business.

FAQ

To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.

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.

Check your SPAM folder for the email. To prevent SPAM filters from blocking our emails please add taxes@nstp.org to your address book or safe senders list. For more information, click How to Whitelist an Email Address or Email Whitelist Instructions.

Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

Technical Information: Webinar
Webinar Registration
  • Each individual taking the live stream or webinar must register under their own name and unique email. The course link will be sent to the email of the registrant. One participant only per email.
Test your System first
  • NSTP is not tech support, we will send you to either of these sites before further troubleshooting your technical issue.
  • Before attending a Webinar, YOU MUST review our System Requirements below and test your system. Please test on the device, browser, and network you will be using when attending a webinar.
BigMarker
BigMarker System Checker
Zoom
Zoom System Checker
Need Help?
Zoom Help Center
CPE: Pop-ups and Polling Questions
  • If you are a Dial-in user, you must ALSO have a screen to view and respond with, or you will not earn CPE.
  • Each participant must click on the pop-ups or answer the poll questions that appear on the screen during the live stream or webinar. Failure to do so will result in no CPE being awarded for that live-stream or webinar.
About Webinar
  • Webinar presentations are conducted online and are interactive visual and audio presentations.
  • There is no support to earn Webinar CPE by listening on a phone only. Listening (without video) will not supply the required opportunity to click on pop-ups or polling questions.
Administration: Webinar
Webinar Refunds
  • Once your registration confirmation is emailed, due to the proprietary materials and content of each NSTP course, Webinar orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
Webinar Changes
  • Course changes are not available for Webinar.
Webinar Cancellation
  • 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 cancelled, participants will be transferred to another similar course or refunded 100% of their registration fee.
Webinar Disclaimer
  • Webinar materials and Webinar 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.
  • Webinar materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Webinar Attendance Policy
  • Only paid registrants can attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.