Students explore how to start a business and choose a business entity. The course expands on business organization in areas such as record keeping, receipts, expenses, and income. Topics for this course include sole proprietorships, partnerships, corporations, s-corporations, payroll taxes, retirement plans, and dispositions. This course presents an introduction to small business returns. Upon successful completion of this course students should be able to start preparing the less complex business returns.
- Prior tax preparation experience/knowledge is required.
- This course is designed to enhance the knowledge and experience of tax practitioners.
- Students normally enroll in this course after completing the Comprehensive Income Tax Class and working at least one season as a tax preparer.
- This course will give you the confidence to take on more complex returns by reinforcing your existing tax knowledge and building on it.
- This course is also suitable for a veteran preparer who needs to refresh his/her skills.
- If you are an enrolled agent, accountant, lawyer, financial planner, business owner, experienced tax preparer, or just interested in increasing your tax knowledge, the Advanced Course will enable you to prepare more complex individual tax returns.
- This course provides the critical education and knowledge which make the graduates more competent and successful than their competitors.
Course Outline:
- Business Types
- Accounting Methods
- Financial Statements
- Business Income
- Schedule C
- COGS/Inventory
- Depreciation
- Section 179 Deduction
- Contractor vs. Employee
- Sale of Business Property
- Partnerships
- Corporations – C, S, LLC
- Employee Taxes
- Excise Taxes
- Extensions
- Estimates
- Employee Benefits
- Retirement Plans
