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 2 of those hours and focuses on deductible business expenses. Basics about bad debts, business structures and tax forms, depreciation, capitalization, and figuring net profit and loss start this course. The next two sections are about common and miscellaneous business expenses. Employee pay, taxes, insurance, interest, rent expense, transportation expenses, and more are explored to refresh the tax preparer on what can and cannot be expensed by a business entity or business owner.
Next, because of its potential relevance to 2020, a section on the business use of the home is thoroughly examined. Qualifying tests, calculating the deduction amount, and when to use specific methods or worksheets are covered. Not far away from this topic is a video about tax relief for businesses that emerged during the pandemic, so tax preparers are sure to incorporate those into their clients' tax returns.
Lastly, we'll spend some time reviewing the unique situations of self-employed individuals, when the self-employment tax applies, how to figure earnings subject to the tax, using Schedule SE, and an introduction to IRS resources about the growing gig economy.
After each lesson, agents will be asked a single question about the material. A brief exam may be asked to test comprehension.
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- 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!