- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This interactive self-study course takes a look at issues related to business, farm, and rental income and how they are dealt with on Form 1040. Lesson 1 discusses sole proprietorships and Schedule C. Lesson 2 discusses farm income, farm expenses, and Schedule F. Lesson 3 examines rental property and Schedule E. Lesson 4 discusses tax accounting methods. Lesson 5 covers travel and entertainment. Finally, Lesson 6 discusses net operating losses.
Course Expiration Date: November 30, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Determine whether an activity is a trade/business or a hobby.
Identify appropriate tax treatments for oil and gas working interests.
Recognize how to report cooperative patronage distributions, and how to defer certain crop and livestock income.
Determine the best way to address the depreciation of farm property.
Distinguish between the different types of residences and vacation homes.
Recognize appropriate tax treatments for the temporary rental of a personal residence prior to sale.
Identify appropriate methods of accounting for tax purposes, how those methods affect inventory, and how to change accounting methods.
Identify how to substantiate travel and entertainment.
Recognize the correct treatment of issues related to net operating losses (NOLs).
Lesson 1—Sole Proprietorships (Schedule C)
Lesson 2—Farm Income and Expenses (Schedule F)
Lesson 3—Rental Property (Schedule E)
Lesson 4—Tax Accounting Methods
Lesson 5—Travel and Entertainment
Lesson 6—Net Operating Losses