Clarify the purpose of both Schedules C and E and learn specific tax planning strategies.
Both Schedule C and Schedule E are used for reporting income on an individual income tax return. While the information may be similar, the tax implications can be very different. Misapplying a business activity to the incorrect schedule can have significant consequences on the tax liability reported on Form 1040. It is important for the practitioner to be fully informed as to the appropriate use of the forms to report their business activity. This course is designed to clarify the purpose of both Schedules C and E and will discuss the proper use and reporting of Schedules C and E, as well as specific tax planning strategies.
Learning Objectives
- You will be able to define the purpose of Schedules C and E and the filing requirements of each schedule.
- You will be able to discuss the differences between Schedules C and E and the unique tax considerations of each schedule.
- You will be able to identify tax planning opportunities for Schedule C and E filers.
- You will be able to recognize common errors made when preparing Schedules C and E.
Agenda
Detailed Overview and Analysis of Schedule C and Its Intended Users
- Define the Purpose of Schedule C and Who Needs to File
- Analysis of Form and Discuss Common Mistakes Made in Preparing Schedule C
- Review Special Considerations Relating to Retirement Plans, Home Office Deduction and Business Use of Vehicles
Detailed Overview and Analysis of Schedule E and Its Intended Users
- Define the Purpose of Schedule E and Who Needs to File
- Review Common Filing Errors and Pitfalls
- Review Advanced Topics, Including Vacation Rentals and Real Estate Professional Status
Compare and Contrast Schedule C and Schedule E
- Consideration of the Type of Income Reported on Each Schedule
- Review the Differences in Allowable Deductions on Each Schedule
- Analysis of Qualified Business Income Under SEC. 199A and Its Application to Both Schedules
Practical Considerations and Documentation Requirements When Completing Schedules C and E
- Identify Tax Planning Considerations for Clients Filing Schedule C and Schedule E
- Review of Record-Keeping and Documentation Requirements
- Review of IRS Resources and Tools
Speakers
Ethan J. Alexander, CPA,
Hancock Askew & Co., LLP- Senior Tax Accountant, India Offshore Liaison, and India Tax Practice at Hancock Askew & Co., LLP
- Over 5 years of experience in pass-through entities in the real estate industry, high net worth individuals and not-for-profit entities
- CPE instructor on tax compliance and planning in the real estate industry
- Certified Public Accountant in the state of Florida
- Member of the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants
- M.S. degree and B.A. degree, Florida State University
William F. Becker, Jr., CPA, M.B.A.,
Hancock Askew & Co., LLP- Tax principal at Hancock Askew & Co., LLP
- Certified public accountant with over twenty-five years of experience providing tax and business consulting, including income tax planning, depreciation modeling, merger and transaction services, and tax reporting
- CPE instructor and frequent speaker on topics affecting the real estate industry
- Member of the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants
- M.B.A. degree and B.A. degree, University of South Florida
Who Should Attend
This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers, and enrolled agents.
