Designed for tax staff with prior return preparation experience, this course focuses on business income, self-employment taxation, and pass-through entity reporting. Participants will deepen their understanding of Schedules C and E, shareholder basis reporting on Form 7203, and other critical reporting areas. Emphasis is placed on identifying audit triggers, applying advanced deductions, and navigating more complex compliance scenarios. Through examples and practice, staff will learn how to handle client business activities, apply recent legislative changes, and implement best practices to avoid common errors. By the end, participants will be ready to review and prepare returns that include small business and pass-through income.
Course ID: STSF
Tax Staff Training – Experienced Staff / Seniors
Learning Objectives
- Analyze Schedule C for income, deductions, and self-employment tax.
- Apply and report pass-through income on Schedule E and K-1.
- Use and interpret Form 7203 for S corporation basis reporting.
- Apply Form 7217 for capital construction funds.
- Identify and avoid common audit triggers.
- Apply deductions and credits for small business owners.
- Calculate self-employment tax and related deductions.
- Choose and incorporate current legislative updates into return preparation.
Major Topics
- Self-employment and business income taxation.
- Pass-through entity reporting.
- Shareholder basis and Form 7203.
- Audit triggers and compliance practices.
- Legislative updates affecting business returns.
Advanced Preparations
None
Who Should Attend
Staff with 1 – 3 years of experience preparing returns.
Fields of Study
TaxesPrerequisites
Completion of associate- level training or equivalent experience.