Part 2 – Business Taxation

The EA Exam and therefore this EA Exam course is broken down into three parts (and 2016 dates):

  • Part 1 – Individual Taxation – May 7 – June 18
  • Part 2 – Business Taxation – June 7 – August 20
  • Part 3 – Representation, Practice & Procedures – August 30 – October 22

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

Click on the tabs below below for more details including 2016 course dates on each part of the exam.

 

2016 Dates and Live Course Schedule

TaxMama’s® Live Course classes take place on Tuesday and Thursday afternoons between 4:00 pm and 6:00 pm (PACIFIC) and on Saturday mornings between 8:00 am and 12:00 pm (PACIFIC) unless stated otherwise.

(You’re not in the Pacific time zone? Look up your time here.)

Part 2 – Business Taxation

Orientation is on Saturday May 7 at 8:00 am to 11:00 am (PACIFIC)

Regular Part 2 classes start June 7 and run through August 20

Note: Part II classes overlap the last 4 sessions of Part I.

Dates are subject to change

If dates are not compatible with your schedule, check out TaxMama’s® Self Study Course – it contains all the notes and audio recordings of the live classes but allows you to learn in your own time.

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

Materials

  • Gleim’s EA Part 1 book and test prep software
  • Fast Forward Academy EA Exam Part 2 testing software and questions
  • Access to study buddies and study buddy teams
  • The Tax Book WebLibrary (included in Live class only, with all three parts ordered)
  • TaxMama’s® book Small Business Taxes Made Easy
  • Special tools and cheat sheets available nowhere else

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 – and how to reconcile it to third party information

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

Note: We will not be doing sample 1041s or 990s in this class.