EA Exam Prep Part 2: Business Income (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the third class of the EA Exam Prep Part 2 series. What is income? When is income not really income? Is the money from a GoFundMe account taxable? Join TaxMama® as she teaches you about taxable income transactions. Learn what to do if Form 1099 is wrong. Understand the timing of claiming income. Find out why, and when, disclosure statements are a must. These topics, and many others, will be discussed in this content rich course.
Publication Date: August 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at business income. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- Definition of business income
- Types of income
- Business income vs. bank deposits
- Rules for measuring taxable income
- When to include interest and dividends in business income
- Business income vs. capital gains
- Crowdfunding
- Timing of income
- Overlooked income
- Illegal income
- Offshore income
- Frivolous tax arguments about income
- Bartering
- Form 1099
- What to do if Form 1099 is incorrect
- Disclosure statements
Learning Objectives
- Recognize various types of business income
- Identify bank deposits vs. business income
- Identify non-cash income
- Calculate income earned from barter transactions
- Identify Form 1099
- Recognize when to complete Form 8275
- Identify how to correctly report all income types
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
