Schedule C Updates (v22) – Video Self Study Course

Course Description

This course will cover Schedule C from start to finish and will cover all of the typical scenarios tax pros are likely to encounter.

NOTE - This is a Video Self-Study Course

Learning Objectives

Upon successful completion of this course participant should be able to be complete the following objectives:

• Understand when to use an employer identification number versus a Social Security number
• Understand cash versus accrual accounting
• Identify when a proprietor needs to issue 1099s
• Understand what a Form 1099-K is, and the changes to the form for 2022
• Understand how payments made through Venmo and other such apps work
• Understand changes to meal expenses in general, and specific to 2022
• Understand vehicle expenses
• Identify the differences between Section 179 expensing and bonus depreciation
• Understand home office expenses, including the simplified option
• Identify other proprietor deductions, including health insurance and retirement contributions
• Understand the basics of the qualified business income deduction
• Understand the basics of net operating losses, excess business losses, and the Families First Coronavirus Response Act credit
• Identify when an activity is a hobby versus when it is a business
• Understand the IRS’s 9-factor test for determining if an activity is a hobby or a business

CPE Credits: 2 CPE for CPAs and EAs

Level: Basic

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: None

Advanced Preparation: None

Revision Date: October 17, 2022