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Schedule C Trade or Business Issues and the §183 Hobby Loss Rules

Course Price: N/A
CPE Credits
4
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
Knowledge of Federal Income Tax
IRS CPE
4
NASBA CPE
4
CTEC CPE
4
Author
Paul La Monaca CPA, MST
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 burden of proof of the taxpayers vs. the IRS.

IRS: Federal Tax Law Topics CPE 2/Federal Tax Law Update 2 CPE

CTEC: Tax Law CPE 2/Tax Update 2 CPE

NASBA: Taxes 2 CPE

Learning Objectives

At the completion of this course participants will be more equipped to address the challenges of properly preparing a Schedule C and understanding the limitations when an activity is not a trade or business. The participant will also obtain an understanding of §199A Qualified Business Income and the allowance and limitations of the "20% pass through deduction".

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.

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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.

Administration:
Refunds
  • Once your registration confirmation is emailed, due to the proprietary materials and content of orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
Disclaimer
  • materials and 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.
  • 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.
Testing Policy
  • require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.