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Tax Issues for Small Businesses

Exam Questions: 60
Course Level: Basic
Pages: 418 | Content: 406, Supplemental: 12
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7295F

This course gives the practitioner a detailed look at tax issues that affect the most popular type of business in the United States - the small business. The course begins by providing an overview of the many entity options available to small businesses today, from the traditional sole proprietorship to the C corporation. The course then provides detailed discussion on important issues such as filing and paying business taxes, accounting periods and methods, and general business tax credits. A detailed discussion is provided on the types of expenses that can be deducted by a business, as well as an important chapter on maintaining business records. This course is essential for any practitioner advising small business clients, whether they are a sole proprietor, a partnership, limited liability company, or a corporation. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00423-21-S

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Course Information

Table of Contents
  • Introduction
  • Choice of Entity
  • Filing and Paying Business Taxes
  • Federal Employment Taxes
  • Planning for Retirement
  • Accounting Periods and Methods
  • Dispositions of Business Property
  • General Business Credit
  • Business Income
  • How to Figure Cost of Goods Sold
  • Figuring Gross Profit
  • Business Expense
  • Figuring Net Profit or Loss
  • Qualified Business Income Deduction
  • Maintaining Business Records
Objectives
  • To identify the major attributes of various forms of business ownership
  • To recognize income tax implications of different types of entities
  • To recall the factors used to determine if a worker is an employee or an independent contractor and the tax implications of this status
  • To identify the options available for a business in selecting accounting periods and methods
  • To identify various methods of business dispositions
  • To recall the requirements for like-kind exchanges
  • To recall various common business tax credits
  • To identify the proper treatment for various forms of business income
  • To recall the factors of calculating cost of goods sold
  • To recognize how to calculate gross profits
  • To identify the rules for determining whether an expense can be deducted as a business expense
  • To identify common types of expenses that are not deductible
  • To identify which type of taxpayers are eligible for the qualified business income deduction
  • To recall the types of business records that should be maintained and for how long

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