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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Monday, April 26, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will explore the tax issues of self-employed taxpayers. Our panel of small business experts will explain topics relative to self-employed taxpayers, including qualifying for PPP loan forgiveness, deducting office in the home, maximizing retirement plan contributions, and deducting self-employed health insurance to minimize the tax burden for these hard-working individuals.

Faculty

Jason B. Freeman
Founder and Managing Member
Freeman Law

Mr. Freeman is a dual-credentialed attorney-CPA, author, law professor, and trial attorney. He represents clients in litigation and disputes, with a particular focus on federal and state tax controversies. Mr. Freeman handles IRS audits and other investigations and represents clients facing tax and white-collar or financial-related charges. He also advises and assists clients with tax and regulatory compliance, including domestic and international tax planning and regulatory reporting requirements. He serves on the law school faculty at SMU’s Dedman School of Law, where he teaches a course in the law of federal income taxation, and he is a frequent public speaker across the country, presenting and educating on various legal topics.

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Gregory A. Zbylut
Tax Attorney
Breyer Andrew, LLP

Mr. Zbylut has 15 years of experience as a tax and business attorney and prior to law school he worked as a CPA and financial analyst. Mr. Zbylut’s practice encompasses a cornucopia of tax issues, including tax planning, tax controversy, and tax compliance. His clients include entertainment professionals (including actors, musicians, composers, producers, directors, writers and others), corporate executives in a wide swath of industries (including manufacturing, real estate and entertainment), medical professionals, attorneys, and other high net worth/high profile individuals. Mr. Zbylut has also written extensively on tax, business, and entertainment issues.

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Description

Sole proprietors, independent contractors, and gig workers all file Schedule C, Profit or Loss From Business. There are unique issues for these businesses. On the forefront is applying for PPP loan forgiveness. Since the owner receives net proceeds from the business, often there is no salary paid to others. At the same time, the draws taken may count toward loan forgiveness.

These small businesses often have an office in their homes. This is a valuable deduction allowing tax savings for utilities, cleaning, insurance, and other expenses taxpayers pay regardless of business operations. Preparers must consider the $5 per square foot deduction versus deducting actual expenses. There is no depreciation recapture with the former, but the latter usually results in greater tax savings. Understanding which method is better when, how to report each, and which businesses are eligible for this deduction is critical for practitioners working with these businesses.

Unique to Schedule C filers is the ability to deduct, before adjusted gross income, self-employed insurance. These rules are complex, but eligibility for this deduction lowers taxable income and lowers the floor for calculating other tax benefits. Schedule C filers often have a retirement plan along with W-2 earnings and can also contribute to a self-employed retirement plan. Tax advisers who know how to maximize the retirement plan limits can provide substantial tax savings to sole proprietors.

Listen as our panel of tax veterans discusses filing Schedule C for sole proprietors, including maximizing the qualified business income deduction, minimizing self-employment tax, and when becoming an entity is a viable alternative.

Outline

  1. Sole proprietors
  2. PPP Loan Forgiveness and other relief
  3. Qualified business income
  4. Deductions
  5. Office in home
  6. Self-employed health insurance
  7. Retirement plans
  8. Self-employment tax
  9. When to consider LLC or S-Corporation status
  10. Illustrations

Benefits

The panel will review these and other critical issues:

  • How to maximize retirement savings for taxpayers participating in multiple plans
  • How sole proprietors meet PPP loan forgiveness requirements
  • When is it better to use the square footage method for office-in-home?
  • When should self-employed taxpayers consider becoming an S corporation?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify eligibility requirements for self-employed health insurance deduction
  • Determine specific items that reduce QBI for self-employed taxpayers
  • Ascertain when a Schedule C filer should consider an entity structure
  • Decide when deducting actual office-in-home expenses may be a better alternative

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).