Enrolled Agent 2 Hour Small Business Tax

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 small business tax. The course opens with general information regarding filing and paying business taxes, including filing classifications, identification numbers, and who must file and how.

The next two sections briefly discuss important employment tax information before pivoting to accounting periods and methods. Subjects within these overarching topics that we'll review include employment taxes and penalties, accounting method examples, and keeping inventory.

Next, we'll discuss the disposition of business property, including how to figure a gain or loss on disposed property. After, we'll talk types of business income, as well as available business credits and how they can be claimed. This discussion spans multiple sections and includes information on business income from real estate rent, interest and dividends, and canceled debt. It also includes filing information for various other types of income, as well as items that cannot be considered income. 

Directly following this section is a quick look at specific guidelines for select occupations, such as insurance agents that are formerly employed or retired, public officials, securities traders, fishing crew members and more. 

Lastly, we dive into figuring the cost of goods sold and gross profit. Here, we review the most pertinent lines of Schedule C and discuss how to report these figures on the form. 

After each lesson, agents will be asked a single question about the material. A brief exam may be asked to test comprehension.