2E. Sole-Proprietorships Formation and Operation | Webinar
- 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.
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.
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.
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