Small Business Taxes Made Easy: Income

Author: Eva Rosenberg

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Join the class to learn how to set up or improve your business during this COVID19 time in the world. This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. Many small business owners make major mistakes when they record their income for tax purposes. Either they include deposits that are not income; or don’t include earnings that are income. This course will help tax professionals identify missing income and to guide tax professionals and business owners on what is taxable income.

Publication Date: June 2020

Designed For
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

  • The To Do Checklist
  • Introduction
  • Money In, Money Out, Wave Your Hands All About
  • A Capital Idea
  • What Is Income?
  • Timing of Income
  • A Brief Explanation About "Accrual Basis"
  • Sales Taxes Received—Are They Your Money?
  • Income Rarely Reported
  • The IRS Has a Cash Audit Guide
  • Some 1099s Your Business Receives
  • So What the Heck Is Income?

Learning Objectives

  • Identify what the IRS considers income — even when it's not paid in cash or check
  • Describe business income
  • Describe true statements regarding issuing 1099-MISC
  • Recognize which forms to file and when
  • Identify exampled of barter
  • Describe kinds of income

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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