ODX07126: Fundamentals of Form 1040 — Business
Description
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.
Objective
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
Advanced Preparation
None
Required Knowledge
None
Who Should Attend
CPAs, EAs, tax professionals, Tax Attorneys, Paralegals
Credit Types
- CPE – Taxes
- On Demand
Registration Fees
| Registration | Type | Price |
|---|---|---|
| ODX07126: Registration – Member | Mem | $165 |
| ODX07126: Registration – Non-Member | NM | $325 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.