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Comprehensive Small Business Taxation

Exam Questions: 120
Course Level: Basic
Pages: 648 | Content: 584, Supplemental: 64
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7695B

This course will show you how the new tax laws can help small business owners improve their bottom line. It includes detailed coverage of the newest tax laws, court decisions, and IRS rulings. You'll find comprehensive information on available write-offs, such as the QBI deduction, as well as dollar limits and record-keeping requirements. This course includes sample forms and checklists as well as clear instructions on where to report income and claim deductions and credits. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00408-21-S

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Course Information

Table of Contents
  • Business Organization
  • Tax Year and Accounting Methods
  • Recordkeeping for Business Income and Deductions
  • Income or Loss from Business Operations
  • Capital Gains and Losses
  • Gains and Losses from Sales of Business Property
  • Employee Compensation: Salary, Wages, and Employee Benefits
  • Travel, Meals, and Gift Expenses
  • Car and Truck Expenses
  • Repairs, Maintenance, and Energy Improvements
  • Bad Debts
  • Rents
  • Taxes and Interest
  • First-Year Expensing, Depreciation, Amortization, and Depletion
  • Advertising Expenses
  • Retirement Plans
  • Casualty and Theft Losses
  • Home Office Deductions
  • Qualified Business Income Deductions
Objectives
  • To recognize the differences amongst the various types of entities
  • To identify the nuances involved with the different accounting methods
  • To recognize how to record business income and deductions
  • To recognize how to report varying types of business income
  • To identify ways of handling capital gains income
  • To recognize how to handle Section 1231 gains and losses
  • To recognize how to handle employee compensation issues
  • To identify the best procedures for addressing travel and gift expenses
  • To recognize how to handle vehicle expenses
  • To recognize how to account for repairs and maintenance
  • To identify when the bad debt deduction becomes applicable
  • To recognize how to account for lease payments and rental expenses
  • To identify the nuances of the various types of taxes
  • To recognize the differences between several types of expensing
  • To recognize how to account for advertising expenses
  • To identify the requirements surrounding retirement plans
  • To identify the limitations imposed on casualty and theft losses
  • To identify what qualifies for home office deductions
  • To recognize who qualifies for QBI

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.