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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 28 ||| Word Count: 17,217 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 126 |
| Description : | Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini business tax course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients' taxes are deductible as business expenses. |
| Usage Rank : | 20588 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Business Expenses
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 09-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 126 |
| Keywords : | Taxes, Selected, Business, Expenses, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Expenses of not-for-profit activities * Rent expenses * Interest expense * Deductible taxes * Other selected deductible costs * Amortization * Depletion -§613 * Business bad debts * Depreciation After reading the materials, participants will be able to:
2. Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casualties, thefts, and research costs in the context of business deductions under §162. 3. Recognize methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources. 4. Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under §166. |
| Course Contents : | Chapter 1 - Selected Business Expenses Section 162 Cost of Goods Sold - §61 Capital Expenses - §263 Cost Recovery Depreciation - §168 Personal vs. Business Expenses At-Risk Amounts - §465 Passive Losses - §469 Net Operating Loss - §172 Creation of an NOL Individual NOLs Carryovers Farming Corporate NOLs Timing of Expense Deduction Economic Performance - §461 Prepayment of Expenses Contested Liability Related Person - §267 Expenses of Not-for-Profit Activities - §183 Presumption of Profit Using the Presumption Later Limit on Deductions Partnerships & S Corporations More Than One Activity Rent Expenses Rent Paid In Advance Lease vs. Sale Leveraged Leases Leveraged Leases of Limited-Use Property Leases Over $250,000 - §467 Taxes on Leased Property Cost of Getting a Lease Options to Renew Cost of a Modification Agreement Commissions, Bonuses, & Fees Loss on Merchandise & Fixtures Leasehold Improvements - §168 Assignment of a Lease Capitalizing Rent Expenses - §263A Interest Expense - §163 Business Interest - §162 Interest Paid In Advance Mortgage Interest Prepayment Penalty Points - §461 Interest on Installment Purchases - §483 & §1271 Nondeductible Interest Interest on Income Tax Owed Penalties Commitment Fees & Service Charges Capitalized Interest Production Period Traced Debt Avoided Cost Debt When Interest Is Paid or Incurred Partnerships & S Corporations Interest on Insurance Policy Loans - §264 Single Premium Life Insurance Systematic Plan of Borrowing Key Person Insurance Deductibility of Premiums & Interest on Life Insurance Existing Interest on Purchase Corporate Acquisition Interest Deductible Taxes Tax Refunds Change in Date of Tax Accrual Real Estate Taxes Local Benefits State & Local Income Taxes Foreign Income Taxes Employment Taxes Unemployment Fund Taxes Self-employment Tax Other Taxes Business Casualty & Theft Losses - §165 Proof of Loss Amount of Loss Limitations Pass-Through Business Deduction - §199A Dividends Received Deduction - §243 Dividends from Domestic Corporations 65% Exception Ownership Limitation Other Selected Deductible Costs Home-Office Deduction - §280A Requirements - §280A Non-Exclusive Use Exceptions Income Limitation Administrative or Management Activities Research & Experimental Costs Deduction Repealed - §174(a) Business Start-Up & Organizational Costs – §195 How to Make the Choice Carrying Charges Retired Asset Removal Costs Barrier Removal Costs Deduction Limit Amortization Deducting Amortization Start-Up Costs - §195 Amortization Period Qualifying Costs Purchasing an Active Trade or Business Corporate Organizational Costs - §248 Qualifying Costs Nonqualifying Costs Partnership Organizational Costs - §709 Qualifying Costs Partnership Liquidation Costs of Obtaining a Lease Intangibles - §197 Section 197 Intangibles Defined Goodwill Going Concern Value Workforce in Place, Etc. Business Books & Records, Etc. Patents, Copyrights, Etc. Customer-Based Intangible Supplier-Based Intangible Government-Granted License, Permit, Etc. Covenant Not To Compete Franchise, Trademark, or Trade Name Professional Sports Franchise Contract for the Use of, or a Term Interest in, a §197 Intangible Research & Experimental Cost Amortization - §174(f) Definitions – Reg. §1.174-2 Product Costs Not Included Interaction with Research & Development Credit - §41 & §280 Optional Method for AMT Preferences - §59 Depletion - §613 Cost Depletion Basis for Depletion Total Recoverable Units Number of Units Sold Determining the Cost Depletion Deduction Percentage Depletion Gross Income Taxable Income Limit Business Bad Debts - §166 Credit Transactions Income Inclusion Accrual Method Taxpayers Cash Method Taxpayers Former Business Debt Acquired from a Decedent Political Debts Insolvency of Partner Business Loan Guarantees Reporting Methods of Treating Bad Debts Specific Charge-Off Method Partly Worthless Debts Deduction Disallowed Totally Worthless Debts Recovery of Bad Debt Property Received for a Debt Bankruptcy Claim Sale of Mortgaged Property Net Operating Loss Nonaccrual-Experience Accounting Method Performing Services Interest & Late Charges Depreciation - 168 Personal Property MACRS Elections Bonus (or Additional First-year) Depreciation - §168(k) MACRS Conventions Mid-quarter Convention Exception Recapture - §1245 Real Property MACRS Recapture - §1250 & §1245 Section 1245 Full Recapture Section 1250 Partial Recapture MACRS Recapture Exception for Real Property Alternative Depreciation System - §168(g) Mandatory Application Method Glossary |
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