The Self-Employed and Small Business Owner – A Primer on Business Taxes Today


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This program was recorded live on Tuesday, October 22, 2019

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0134
IRS/RPO Approved Program
#7ZBUJ-T-00075-19-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00075-19-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the tax rules that affect the self-employed and small business owner. The program will focus on the initial business start-up, including whether there actually is a business, what form the business may take, and the likely additional tax and reporting requirements. Panelists also will examine many of the deductions that become available during business operation, such as depreciation, expensing, ordinary and necessary expenses, and operating losses. In addition, the panel will discuss how business growth and the addition of employees, partners, and shareholders can add to tax complexity. The panel also is likely to examine the tax consequences arising on the sale of a business or business interest.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the tax issues arising on a business start-up and the ongoing operation of the business, how business growth through the addition of employees, partners, and shareholders adds to tax complexity, and the tax consequences flowing from the sale of a business or an interest in a business.

Program Learning Objectives

  1. Identify how frequently Form 940 is filed with the IRS.
  2. Identify the form used by firms and workers to request a determination of the status of a worker for purposes of federal employment taxes and income tax.
  3. Identify the form used to report expenses related to the business use of a home.
  4. Identify the factors used by the IRS to determine the first year of a business.

Program Outline

  • Down to Business
    • Hobby or business?
    • Active or passive?
    • Considering form
    • Keeping business records
    • Likely taxes and returns
      • Income tax
      • Self-employment tax
      • Employment taxes and withholding
      • Excise taxes
  • Business Operations
    • Determining and recognizing income
    • Ordinary and necessary expenses generally
    • Capital investment vs. deductible expense
    • Depreciation and Section 179 election
    • Business use of the home
    • Operating losses and their carryover
  • Business Growth
    • Addition of partners or shareholders
    • Adding employees
      • Employing family
      • Worker classification
      • Business interests as compensation
  • Sale of Business
    • Sale of proprietorship
    • Sale of partnership assets
    • Sale of partnership interests
    • Sale of corporate assets
    • Sale of corporate stock

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

CWandalee McLaughlin

Wandalee McLaughlin
Sr. Program Analyst, Small Business/Self-Employed (SB/SE)

Wandalee is a Sr. Program Analyst in Technical Support in the Exam Quality and Technical Support Branch of Small-Business Self-Employed (SB/SE) Division of the Internal Revenue Service. She is responsible for Service-wide support of IRC 170, Cash and Noncash Contributions and other related issues such as conservation easements. Wandalee supports all operating divisions in the IRS and interfaces with Chief Counsel. Her responsibilities have included knowledge and experience in C Corporation and Sub-Chapter S Corporation entities. Over the years, she has developed specialized experience and has been responsible for work in the following areas, farming, and the Research and Experimentation Credit. She was also responsible for the implementation of various Affordable Care Act Provisions and various Tax Cuts and Jobs Act.

Wandalee has been with the IRS since 1986 holding positions including Revenue Agent in SB/SE and Large Business and International (LB&I) divisions, Revenue Agent Manager, and Program Analyst. Wandalee has taught extensively within the IRS including as a Resident Lead Instructor for IRS new hires.

Wandalee holds a BS in accounting from Manhattan College and a MS in taxation from Golden Gate University.

Industry Panelists

Clarice A. Landreth

Melissa Longmuir, EA, MBA
President of Centinel Tax Consulting, Inc., Bellevue, WA,

Prior to becoming an Enrolled Agent, Melissa was an Adjunct Instructor and taught information technology, business, and math courses in the WA State College system.

As an Enrolled Agent, she specializes in international, individual, estates, trusts, and small business returns plus representation. Ms. Longmuir has been a Director on the National Association of Enrolled Agents (NAEA) Board of Directors and is a Past President of the Washington State Society of Enrolled Agents (WSSEA). She is a member of NAEA, a member of the Affiliate Council and a Trustee on the Education Foundation. She is on the following committees: Chair of Information Technology (IT), a member of Ethics & Professional Conduct, and Tax Education. Melissa is a Fellow of the National Tax Practice Institute (NTPI). She has taught beginning and advanced tax courses and the Special Enrollment Exam (SEE) prep courses both online and live and has had articles published in the EA Journal. She is also a member of The National Society of Accountants (NSA).

Clarice A. Landreth

Donald Rosenberg, EA

Don is President Elect of NAEA and has served four years as a director.  He was an NTPI Level 2 instructor for 10 years prior to serving on the board.  He has spoken before many affiliates on representation issues, ethics and tax preparation.

He practices in Yorktown Heights NY specializing in representation and small business clients.  He is an adjunct lecturer at Hostos Community College of the City University of New York where he has taught business and accounting courses for forty years.

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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