CPA and EA CPE - Small Business Tax Issues Course Description

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Small Business Tax Issues

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The Small Business Tax Issues course is designed for CPA CPE and for EA CE. General information about this course is listed below.

Prerequisite - None

Program Level - Basic

Advance Preparation - None

Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:

(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.

(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.

(3) Complete the exam. Review any incorrect answers.

Recommended CPE Credit - 9 hours (18 hours for Enrolled Agents). These hours are based on pilot testing results and a 100 minute study hour for CPAs (50 minute study hour for Enrolled Agents). To receive credit, participants must score a minimum of 70% on the final exam.

Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration.

Lesson and Objectives	Reading Assignment
1. Introduction and Filing and Paying Business Taxes	Tax Guide for Small Business
The learning objectives for this lesson are to introduce the tax guide for small business and gain an understanding of: Identification numbers Income tax Self-employment tax Employment taxes Excise taxes Information returns
2. Accounting Periods and Methods	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Accounting periods • Accounting methods
3. Dispositions of Business Property	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: What is a disposition of property? How to figure a gain or loss Reporting gains and losses
4. General Business Credits	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Business credits How to claim the credit
5. Business Income	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Kinds of income Items that are not income Guidelines for selected occupations Accounting for your income
6. How to Figure Cost of Goods Sold	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Figuring cost of goods sold
7. Figuring Gross Profit	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Items to check Testing gross profit accuracy Additions to gross profit
8. Business Expenses	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Bad debts Car and truck expenses Depreciation Employee's pay Interest Legal and professional fees Pension plans Rent expense Travel, meals, and entertainment Business use of your home Other expense you can deduct Expenses you cannot deduct
9. Figuring Net Profit or Loss	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Net operating losses Not-for-profit activities
10. Self-Employment Tax	Tax Guide for Small Business
The learning objectives for this lesson are to gain an understanding of: Who must pay self-employment tax? Reporting self-employment tax
11. Business Use of Your Home	Business Use of Your Home
The learning objectives for this lesson are to introduce the business use of your home and gain an understanding of: Qualifying for a deduction Figuring the deduction Deducting expenses Depreciating your home Daycare facility Sale or exchange of your home Business furniture and equipment Recordkeeping Where to deduct
12. Installment Sales	Installment Sales
The learning objectives for this lesson are to gain an understanding of: What is an installment sale Figuring installment sale income Reporting installment sale income Electing out of the installment method Payments received or considered received Escrow accounts Depreciation recapture income Sale to a related person Like-kind exchange Contingent payment sale Single sale of several assets Sale of a business Unstated interest and original issue discount (OID) Disposition of an installment obligation Repossession Reporting an installment sale

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