Part 2 – Business Taxation

TaxMama’s Enrolled Agent (EA) Exam Review Course

Course Dates What You Will Learn Materials Course Outline

Course Dates

– Orientation is on Saturday May 6 at 8:00 am to 11:00 am (PACIFIC)

– Regular Part 2 classes start June 6th and run through August 10th

(Yes some Part 1 classes are include in Part 2 – that’s why the dates overlap)

Dates are subject to change

If dates are not compatible with your schedule, you can still download recordings of the video and audio of all the lives classes and reviews that will allow you to learn in your own time

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What You Will Learn

The course will include TaxMama’s® special twists, teaching you more than tax law – you’ll learn:

  • how to select the best entity for your clients
  • how to prepare business tax returns and get pointers on simplifying your work
  • how to reconcile tax returns to books – even if there really aren’t any books
  • how to protect your practice from client conflicts and lawsuits
  • how to maintain an ethical practice, in the face of client ‘persuasion’ to assist them in little falsehoods
  • how to find loopholes to help cut taxes legally
  • You’ll get answers to questions you’ve always been afraid to ask
  • Personal attention from TaxMama to guide you
    Study Buddies to work with
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Materials

  • – Gleim’s EA Part 2 book and test prep software
  • – Fast Forward Academy EA Exam testing software and questions (included, only with all three parts ordered)
  • – Access to study buddies and study buddy teams
  • – The Tax Book WebLibrary (included, only with all three parts ordered)
  • – TaxMama’s® book Small Business Taxes Made Easy (for Part 2)
  • – Special tools and cheat sheets available nowhere else
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Course Outline

  • Orientation – Familiarity with Materials, Homework assignments, Study Buddy info, STUDY SKILLS
    Lectures 9 – 12 of Part I – Assets, Depreciation, Sales and Exchanges – May 16 – 30
    Lecture 1 – The big Picture – Overview of Business Entities, Pros and Cons of using each Format
    Lecture 2 – First piece – Accounting 101 – Understanding the Balance Sheet and Income Statement
  • Lecture 3 – Favorite piece – Business Income  – Understanding what is and isn’t taxable income
  • Lecture 4 – Juicy piece – Business Expenses – All those luscious write-offs
  • Lecture 5 – Misunderstood piece – Office in Home – and how it applies to each business entity
  • Lecture 6 – Custom Piece – Specific Businesses – Farms, truckers, Internet Marketers
  • Lecture 7 – Exempt Piece – Exempt Organizations – and the new filing rules
  • Lecture 8 – Fun piece – Discussing the Schedule C Tax Sample and your results – and how to do it better
  • Lecture 9 – Shared piece – Partnerships – General, Limited, LLCs, JVs and Married Couples
  • Lecture 10 – Joining piece – Getting into and out of Partnerships
  • Lecture 11 – Sharing piece – Discussing the 1065 Tax Sample and your results – and how to do it better
  • Lecture 12 – Incorporated piece – C Corporations – including PSCs and holding companies
  • Lecture 13 – Reconciling Piece – Discussing the Form 1120 Tax Sample, reconciling Schedules L, M-1, M-2
  • Lecture 14 – Small Business Piece- S Corporations – Small Business or S Corporations – special issues for shareholder-employees
  • Lecture 15 – Filing Piece – Reconciling Piece – Discussing the Form 1120S Tax Sample and your results – and how to do it better – and reconciling Schedules L, M-1, M-2
  • Lecture 16 – Freedom Piece – Business retirement plans – and how they work with each entity
  • Lecture 17 – Trusting Piece – Estate and Trusts – Form 1041

You will get data from sample clients to input into the FREE tax software or your own tax software. You will learn where to get tax software. You will get profiles of different types of business clients, with respectable levels of complexity.

  • Schedule C – Home-Based business
  • Partnership – LLC filing as a partnership
  • Corporation – Privately held, with employees
  • S Corporation – Single owner

Note1: We will not be doing sample 1041s or 990s in this class.
Note2: We reserve the right to change the order of the courses