Course Year: 2012
Course Level: Basic
Prerequisite: None
Advance Preparation: None. Introduction to Tax Preparation course is helpful but not required.
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
8 |
EA |
Federal Tax Law Topic |
| NASBA |
0 |
CPA |
N/A |
| CTEC |
8 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
0 |
CFP® |
N/A |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
Fees: $97 for Members and $113 for Nonmembers
Summary
This course is designed to help tax professionals who are new to sole proprietorship tax preparation. It will focus on individual income tax issues and the preparation of Schedule C, Profit or Loss from Business, and other major related forms. We will also cover business vehicles, business use of home and depreciation. If you want to expand your services to include small business clients, you won’t want to miss this course! forms.
Table of Contents
Objectives
Upon completion of this course, you will be able to:
- Determine whether a taxpayer’s activity is a hobby or a for-profit business venture.
- Identify types of income reported on Schedule C and deductible business expenses.
- Determine whether Schedule C or Schedule C-EZ is appropriate.
- Complete Schedule C, Profit or Loss From Business.
- Complete Schedule SE, Self-Employment Tax.
- Determine the business use of a vehicle.
- Explain the vehicle use substantiation requirements.
- Calculate the lease vehicle inclusion amount.
- Determine whether a client should claim standard mileage or actual vehicle expenses.
- Identify the consequences of vehicle repossessions.
- Explain the depreciation deduction and recapture rules related to vehicle dispositions.
- Explain the §179 expense election and limitations.
- Identify allowable depreciation methods including MACRS, GDS, ADS and bonus depreciation.
- Distinguish between amortization and depreciation.
- Complete Form 4562, Depreciation and Amortization.
Identify the factors used to determine eligibility for a deduction for business use of the home.
- Calculate the business-use percentage for a home office.
- Determine allowable expense deductions.
- Complete Form 8829, Expenses for Business Use of Your Home.
For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.
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