Fundamentals of Form 1040 - Business
Online
4.00 Credits
Member Price $149.00
Non-Member Price $214.00
Overview
This course builds on the foundational knowledge from Part 1, Fundamentals of the 1040 - Core Concepts. It expands into business income taxation and additional reporting requirements. Participants will learn how to accurately report self-employment income, income from pass-through entities on Form 1040. This course covers Schedule C, Schedule E, and essential forms such as Form 7203 and Form 7217 to ensure accurate tax preparation for clients with business activities.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Objectives
After attending this presentation, you will be able to...
- Analyze Schedule C to determine business income, deductions, and self-employment tax implications
- Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
- Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
- Calculate self-employment tax and apply deductions related to business expenses
- Implement preparer best practices to avoid common IRS audit triggers
- Apply tax rules for reporting pass-through entity income on individual tax returns
- Assess legislative updates affecting business income reporting for the current year
Highlights
The major topics that will be covered in this course include:
- Self-employment and business income taxation (Schedule C, self-employment tax, business deductions)
- Reporting income from pass-through entities (Schedule E, Schedule K-1, Shareholder stock and debt basis on Form 7203)
- Application of Form 7217 for capital construction funds
- Best practices for self-employed clients and small business owners
- Key deductions and credits for business owners
- Avoiding common IRS audit triggers related to business income reporting
- Legislative updates impacting business income taxation in the current year
Designed For
CPAs, EAs, tax professionals, Tax Attorneys, Paralegals
Prerequisites
Fundamentals of the 1040
Preparation
None
Notice
You will receive an email from CPA Crossings via Webex with instructions to access the webinar.
Leader(s):
Leader Bios
Mary Jane Hourani, MM, EA, NTPI Fellow, Hourani & Associates, Inc.
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant
Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms before transitioning to her own practice in 2005.
Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting.
She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow.
Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2014 as well as a speaker for several trade organizations since 2010.
Mary Jane has been a Contributing Editor and/or Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2015. She writes and compiles tax course packs used by Michigan State University Tax School. Mary Jane is an author/speaker for several national trade organizations and national CPE providers. She is a former H&R Block Instructor/Trainer.
Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $214.00
Member Price $149.00