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


Tuesday, October 22, 2019 · 2:00 – 3:40 PM ET

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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-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00075-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 what makes a business for tax purposes and the likely issues that arise from starting a business.
  2. Identify the taxable income and deductions that flow from business operation including those from the operation of the business out of the owner's personal residence.
  3. Identify the additional tax consequences that flow from business expansion and growth through the addition of employees, partners, or shareholders.
  4. Identify the tax consequences on the sale of a business or business interest.

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

To be coming soon

 

 

Industry Panelists

Clarice A. Landreth

Melissa Longmuir, EA, MBA, ATA, ATP
President of Centinel Tax Consulting, Inc.

Melissa Longmuir, EA, MBA is President of Centinel Tax Consulting, Inc. in Bellevue, WA. She specializes in international, individual, estate, trust, small business returns and representation. She is currently 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). Melissa is a Fellow of the National Tax Practice Institute (NTPI). She has taught beginning and advanced tax courses and Special Enrollment Exam (SEE) prep courses both online and live, in addition to writing articles for NAEA's magazine, EA Journal.

Prior to becoming an enrolled agent in in 2003, Melissa was an adjunct instructor teaching information technology, business and math courses in the WA State College system. She received a B.S. in both Biology and Psychology and an MBA in Information Systems. In her spare time, she volunteers with the American Red Cross in Disaster Services.

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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