Federally credentialed Enrolled Agents with the IRS must complete 72 hours of continuing education every 3 years to maintain their elite status. This course meets 1 of those hours and focuses on other forms of income and how to report them. This course is a thorough resource containing other forms of income in three parts. The course opens with part one, which includes income reporting information for bartering and canceled debts.
The second part discusses what is required for income received from being a host or hostess, proceeds from life insurance, partnership and S corporation income, rent and personal property, and repayments.
Lastly, in part three, we'll discuss income from alimony, bribes, court awards and damages, royalties, unemployment, and public assistance benefits to name a few. This section covers some miscellaneous forms of income, like that from car pools or cash rebates, as well as those forms that are less common, such as credit card insurance and charitable gift annuities.
Throughout this course, we discuss where to report the various types of income and in what instances the income does not need to be reported. This guide to other income is a handy resource bundled in a 1-hour class.
After each lesson, agents will be asked a single question about the material. A brief exam may be asked to test comprehension.
Show Course ID: 0
- Approved By: Internal Revenue Service (IRS)
Jeremy Allen, CPA, was born and raised in Chicago, Illinois. He graduated with a Bachelor's of Science in Accounting from the University of Oregon Charles H. Lundquist College Of Business. He has been a licensed CPA in the state of Oregon since 2007. He specializes in Corporate Taxation and Planning. He enjoys working with start-up businesses, online businesses, and multi-state entities. He is an avid member of Crossfit Grants Pass. In his free time he enjoys traveling and camping with his family. Go Ducks!