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Business Tax Planning for Experienced Preparers (SMTX07/22)

Event Description

This course is essential for the tax practitioner who wants a more advanced version to update their knowledge of business income taxation. This course will provide more in depth review of Form 1040 complexities for the 2021 tax year.  Included will be a thorough review of all tax codes made by the SECURE Act and the CARES Act and any other legislative impacts thereafter. 

CFP CE Approved

Enrolled Agent Approved

Designed For

CPAs, EAs, and other tax professionals

Objectives

At the end of this course, you will be able to:   

  • Recognize and complete IRS Form 1040 and other business income tax returns for the 2021 tax season 

 

Major Subjects

  • Review of essential IRC Sections
  • Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
  • Schedule C and Schedule F issues
  • Schedule E Issues
  • Partnership issues
  • Corporation issues
  • LLC issues  
  • Special rules for dealing with COVID subsidies
  • Code Section 461(l) interacts with Section 382 and its carryover rules
  • Defaulted loans
  • Bankruptcy issues
  • COVID-19 related changes in the tax law
  • The CARES, HEROES, and HEALS acts
  • Special rules relating to business use of your home
  • Reporting the conversion of personal use property to business use (part of a residence, furniture, storage, etc.)