COURSE DESCRIPTION

There is little doubt in the minds of many observers that the world of work—an environment in which a legion of wage earners commute to an employer’s office or worksite to toil from 9 to 5—is changing, and that impression is bolstered
by recent studies. Among those studies is a Gallup report titled “The Gig Economy and Alternative Work Arrangements.” The changing nature of work for many taxpayers is likely to have an effect on tax preparers’ need to prepare
Schedule C.

The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of
U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job.

Whether the strength of the gig economy is due to the flexibility and freedom it affords, the fewer limits on the income it exerts compared to being a wage earner, or results from some other advantage it offers, it seems clear that, barring
a cataclysmic event affecting the economy, the gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers’ need to be familiar with the preparation of Schedule C.

Learning Objectives:

After reading the course material, you will be able to:

• Identify the types of income reported on Schedule C
• Determine proprietors’ installment sale income when using the installment method
• Describe the business expenses deductible on Schedule C
• List the differences between a business and a hobby
• Apply the rules governing the deduction for business use of a taxpayer’s home.

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:

COURSE DESCRIPTION

On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions,
the new law provides multiple tax incentives for taxpayers to:

• Make energy-efficient home improvements
• Purchase electric vehicles; and
• Afford health insurance coverage.

This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for the purchase of new and used electric vehicles, for electric car charging and natural gas-powered car fueling devices, and for clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of noncorporate taxpayer excess business losses. 

Learning Objectives:

After reading the course material, you will be able to:

• Calculate the tax credits available for taxpayers’ energy-efficient home improvements;
• Describe the tax credits available for the purchase of electric vehicles;
• Recognize the requirements and tax rules applicable to electric vehicle tax credits;
• Identify rules and limitations applicable to the qualified refueling property credit;
• List the clean energy and efficiency incentives;
• Apply the rules applicable to the expanded health insurance premium tax credit; and
• Recognize the limitation of noncorporate taxpayer excess business losses.

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: