1.0 CPE CREDIT
With the increase in the number of small businesses, including people making and selling items from their homes, it’s vitally important for you, the tax preparer, to understand what tax provisions affect small business clients so you can help them be successful. The first step is to determine if, in fact, the activity qualifies as a trade or business rather than a hobby. This self-study course covers the parameters for making that determination, including the basic hobby loss rule and changes made to this rule by TCJA, review of facts and circumstances from court cases, and profit motive. A discussion of reporting income and expenses of nonbusiness activities is included.
Last reviewed for accuracy: April 2022
Self-study courses involve completing a pretest, watching a video, answering quiz questions inserted throughout the video, and successfully passing an exam with a score of 70% or better. Each course includes a set of materials that accompany the course presentation. Each course is reviewed annually to ensure the information is up-to-date with current tax law.
This course offers 1.0 CPE credits and qualifies for IRS credit and is NASBA QAS-approved for CPA credit in all states.
This course performs best utilizing a desktop or laptop computer.
Cost: $25.00. To register, add the self-study course to your cart. The course expires 1 year after your purchase. Your exam must be completed within 1 year of your purchase date.
Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course. NOTE: The person purchasing this self-study course must be the same person taking the course and completing the exam.
For questions regarding refunds, registration policies, and resolving concerns, please see our Policies and FAQ.
Debbie Held has been an instructor with the Tax School since 2000. She has also served as a chapter author and reviewer for the University of Illinois Federal Tax Workbook. She is a graduate of Sangamon State University (University of Illinois at Springfield). She has been employed by the IRS since 1979, spending time as a revenue agent, appeals officer, and most recently as a management analyst for the Communications & Liaison Division. She previously taught various accounting courses at Lincoln Land Community College for 18 years. She is a certified public accountant (CPA) and resides in Raymond, Illinois, where her family farms.
Learning Objectives: By taking this self-study course, you will be able to:
CPE Credits (qualifies for IRS): 1.0. Final exam must be passed with a score of 70% or better.
Delivery Method: QAS self-study (online self-study)
Program Level: Overview
Field of Study: Taxes
Prerequisite(s): Professional experience preparing federal tax returns.
Materials: Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course materials.
Advance Preparation: None
Please see the CPE FAQ for more information.