Fundamentals of Form 1040 — Business

CPE Credit:

Overview

Description:

This course builds on the foundational knowledge from Part 1, Fundamentals of the 1040 – Core Concepts. It expands into business income taxation and additional reporting requirements. Participants will learn how to accurately report self-employment income, income from pass-through entities on Form 1040. This course covers Schedule C, Schedule E, and essential forms such as Form 7203 and Form 7217 to ensure accurate tax preparation for clients with business activities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Field of Study:

Taxes (4 CPE)

Instructor

Instructor:

Mary Jane Hourani, MM, EA, NTPI Fellow

Additional Details

Who should attend:

CPAs, EAs, tax professionals, Tax Attorneys, Paralegals

Program Level:

Intermediate

Program Content:

The major topics that will be covered in this course include:

Self-employment and business income taxation (Schedule C, self-employment tax, business deductions)
Reporting income from pass-through entities (Schedule E, Schedule K-1, Shareholder stock and debt basis on Form 7203)
Application of Form 7217 for capital construction funds
Best practices for self-employed clients and small business owners
Key deductions and credits for business owners
Avoiding common IRS audit triggers related to business income reporting
Legislative updates impacting business income taxation in the current year

Learning Objectives:

After attending this presentation, you will be able to…

Analyze Schedule C to determine business income, deductions, and self-employment tax implications
Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
Calculate self-employment tax and apply deductions related to business expenses
Implement preparer best practices to avoid common IRS audit triggers
Apply tax rules for reporting pass-through entity income on individual tax returns
Assess legislative updates affecting business income reporting for the current year

Prerequisites:

Fundamentals of the 1040

Advanced Preparation:

None

Developed By:

Hourani & Associates Inc

Format:

Group-Internet-Based

Course Code:

HIMHFFB4

Registration:

$149.00

Attendee Information

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