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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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Small Business I Income Tax Preparation Course
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