Agenda

Small Business I Income Tax Preparation Course Agenda

Online Course: ID# 1001102

Agenda

MODULE 1

Chapter 1 – Business Organization
- Introduce steps to starting a new business.
- Identify the best choice of business entity and the advantages or disadvantages of each.
- Discuss bookkeeping and the differences in accounting methods.
- State the various taxes paid by businesses.
- Recognize instances of identity theft and discuss IRS actions taken to combat it.
- Discuss the importance of recordkeeping.
- Explain backup withholding for independent contractors and employee tip income issues.
Chapter 2 – Income, Expenses, and Basis
- Explain the various types of business income and expenses.
- Calculate the cost of goods sold.
- Identify the difference between capital expenses and day-to-day business expenses.
- Recognize start-up costs and the costs included.
- Calculate the basis and adjusted basis of assets.
- Describe the advantages of like-kind exchanges.
- Discuss the various depreciation methods.
Chapter 3 – Dispositions
- Describe how basis is calculated.
- Determine recovery periods for certain assets.
- Calculate the gain or loss on the disposition of business property.
- Select the proper IRS Code Sections and report the gain or loss on the sale of property
Chapter 4 – Sole Proprietorships
- Discuss self-employment taxes, estimated taxes, recordkeeping, and accounting methods of the sole proprietor.
- Examine the advantages and disadvantages of the business use of a home.
- Discuss ordinary and necessary business expenses as they relate to travel, meals, and entertainment.
- Examine self-employed health insurance and retirement plan deductions.
- Determine when to elect the Section 179 deduction.
- Discuss tangible property regulations/safe harbor (Repair Regulations).
- Introduce Form 3800 and identify the General Business Credits that may be claimed.
- Qualified Business Income (QBI) Deduction. Copyright © 2024, The Income Tax School, Inc. – All Rights Reserved Page 1.2

MODULE 2

Chapter 5 – Understanding Financial Reporting
- Create a balance sheet and reconcile the owner’s equity account.
- Identify the asset, liability, revenue, and expense accounts in the general ledger.
- Recognize the various accounts on a balance sheet.
- Construct financial reports for sole proprietors filing a Schedule C (Form 1040).
- Review the Schedules M-1, M-2, and M-3 for Forms 1065, 1120, and 1120-S.
- Calculate common financial ratios used to analyze the financial health of a business.
Chapter 6 – Partnerships
- Discuss the basics of a partnership.
- Examine the fundamentals of partnership basis.
- Explain self-employment taxes as they relate to partnerships.
- Describe the partnership return.
- Discuss sales or exchanges as they relate to a partnership interest.
- Explore the QBI deduction as it relates to partnerships.
- Discuss the Schedule K-2 and K-3 reporting requirements.
Chapter 7 – C Corporations
- Describe the general characteristics of C corporations.
- Discuss the concept of an “accounting period.”
- Review the uniform capitalization (UNICAP) rules.
- Summarize the major sources of income.
- Explain inventory valuation methods.
- Examine the major elements of expenses which may be deducted from gross income to arrive at taxable income.
- Discuss the elements of contributed capital in the corporate context.
- Summarize required tax reconciliations.
- Reconcile the ending cash balance.
Chapter 8 – S Corporations
- Describe the general characteristics of S corporations.
- Discuss the reporting of S corporation income.
- Determine due dates, penalties, loss limitations, and adjusted basis.
- Explain distributions, compensation, and excess net passive income tax.
- Understand how QBI applies to S corporation shareholders.
Chapter 9 – Employment Taxes
- Explain employer identification numbers, hiring new employees, employer responsibilities, and record keeping requirements.
- Explore employment taxes and withholding issues for employees, family employees, independent contractors, and statutory employees.
- Describe payroll reporting requirements, such as Forms 941, 944, 945, and 940, and tax deposit requirements.
- Discuss penalties for violating federal employment tax rules and examine the work opportunity tax credit (WOTC).

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