Schedule C of Form 1040
Author: Allison McLeod
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. This course is ideal for CPAs, EAs, or other tax professionals.
Publication Date: August 2024
Designed For
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses and individuals that have these tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.
Topics Covered
- Form 1040
- Who Files Schedule C?
- Cash vs. Accrual Methods
- Depreciation & Sec. 179 Deduction
Learning Objectives
- Identify the appropriate taxpayers who should be filing Schedule C
- Recognize how to differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
- Identify a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries and retirement contributions
- Describe types of typical deductions, such as advertising, utilities, supplies, etc.
- Recognize how to determine the methods of deducting the cost of a company car
- Identify how to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
