Small Business Quickfinder® Handbook
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Small Business Quickfinder® Handbook
Forms 1065, 1120, 1120S, 1041, 706, 709 and 990

An easy-to-use resource for tax preparers, financial planners and small business owners. A business companion to the original 1040 Quickfinder Handbook!
QSB

2009 Tax Year Edition

Also available as Self-Study CPE.

Buy print and CD and save 20% off CD!
Quantity discounts will be calculated during purchase.

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Self-Study CPE$25.00

The Small Business Quickfinder Handbook is your first-stop tax resource for preparing tax returns for all small businesses, whether they're corporations, LLCs or partnerships. But that's not all -- the Handbook also:

  • Is valuable even if you do not prepare partnership and corporation tax returns — it’s not limited to small business tax considerations.
  • Covers income tax returns for estates and trusts, plus tax-exempt organizations, payroll, and estate and gift returns.
  • Uses easy-to-read explanations of the rules supported by practice tips and tons of examples.
  • Includes filled-in tax forms and line-by-line explanations.
  • Provides a comparison of which form of business organization could be best for your clients.
  • Is available for the same low price as last year!
 

These Similar Products Also Available:

Tab A: Reference Material and Worksheets
Where to File: Business Returns
Principal Business Activity Codes
Business Quick Facts Data Sheet
Guide to Information Returns
Start—Up Expenses Election
Partnership Organizational Expense Election
Types of Payments—Where to Report
S Corporation Shareholder?s Adjusted Basis Worksheet
Partner's Adjusted Basis Worksheet
Cash Flow Statement
Tax Info for Partnership, Corporation,LLC and LLP Returns
Business Valuation Worksheet
Estate Inventory Worksheet
Reconciliation of Income Reported on Final Form 1040 and Estate's Fiduciary Return (or Beneficiary's Return)
Allocation of Indirect Costs to Ending Inventory Under Section 263A
Transferor's Section 351 Statement

Tab B: Partnerships
Basics of Partnerships
Partnership Income and Expense Chart
Partnership Income and Expenses
Basis
Built—In Gain or Loss
Partnership Distributions
Nonrecourse Loans
Partnership Example
Partner Codes for Schedule K—1, Form 1065

Tab C: Corporations
Basics of Corporations
Capital Contributions
Stock
Section 1244 Stock Losses
Small Business Stock
Distributions
Earnings and Profits (E&P)
Accumulated Earnings Tax
Corporate Income and Expenses
Corporate AMT
Corporate Miscellaneous
Corporation Example

Tab D: S Corporations
Basics of S Corporations
S Corporation Taxes
Reasonable Wages
Shareholder's Basis
Distributions
S Corporation Example
S Corporation Shareholder Codes for Schedule K—1, Form 1120S

Tab E: Tax Exempt Organizations
Basics of Tax—Exempt Organizations
Form 990 or 990—EZ
Contributions to Tax-Exempt Organizations
Unrelated Business Income Tax (Form 990—T)
Private Foundations
Becoming an Exempt Organization
Completing Form 990—EZ
Comprehensive Example

Tab F: Other Business Entities
Limited Liability Company (LLC)
LLCs and Entity Classification
LLC Creation and Conversions
LLCs—Other Considerations
Limited Liability Partnership (LLP)
Limited Partnership
Personal Service Corporation (PSC)
Homeowners' Associations
Personal Holding Company (PHC)

Tab G: Fiduciary Tax Returns (Form 1041)
Fiduciary Return Facts
Trust Terminology
Overview of Trust and Estate Taxation
Grantor Trusts
Grantor Trusts—Tax Returns and Reporting Requirements
Simple Trust—Detailed Example
Complex Trust—Detailed Example
Form 1041, Schedule K—1 Codes

Tab H: Estate and Gift Tax Returns
Death of a Taxpayer
Taxable Income in the Year of Death
Final Form 1040
Gift Tax Return (Form 709)
Gift Tax Example
Estate and Gift Tax
Generation-Skipping Transfer (GST) Tax
Estate Tax Return (Form 706)
Basis in Property
Valuing Property
Estate—Comprehensive Example

Tab I: Payroll Tax Returns
Payroll Tax Deposit Requirements
Depositing Payroll Taxes
Withholding Federal Income Tax
Withholding Methods and Examples
FICA and FUTA Wage Base
Special Classes of Employment
New Hire Reporting
Payroll Tax Reporting
Student Employment
Special Compensation
Gross-Up Computation
Disregarded Entity Employment Taxes
Trust Fund Recovery Penalty
Other Payroll Tax Issues

Tab J: Depreciation and Amortization
Section 179 Deduction
Recapture?Section 179 and Listed Property
Short Tax Year—MACRS
Allowed or Allowable Depreciation
Depreciation Recapture
General Asset Account (GAA) Depreciation
Expensing Policy
Amortization
Depletion
Oil and Gas
Auto Depreciation
Contributed Property

Tab K: Employee Benefit Plans
Basics of Benefits
Fringe Benefits Comparison Chart
Nondiscrimination Rules for Employee Benefits
Employer and Self-Employed Retirement Plan Chart
Medical Reimbursement Plan Comparison Chart
Tax-Free Fringe Benefits
Dependent and Child Care
Educational Assistance Program
Adoption Assistance Program
Employee Achievement Awards
Meals and Lodging
Health Insurance Benefits
Group Term-Life Insurance
Cafeteria Plans
Nonqualified Deferred-Compensation Plans
Employer-Provided Autos
Qualified Retirement Plans
Form 5500

Tab L: Accounting Methods and Principles
Accounting Methods
Tax Year
Inventories
Uniform Capitalization Rules
Bookkeeping Basics
Double-Entry Bookkeeping
Balance Sheet
Accounting Terms

Tab M: Starting a New Business
Start-up Considerations
Entity Comparison Chart
Business Plan
Internal Controls
Pre-Incorporation/LLC/Partnership Agreements
Organizational and Start-Up Costs
Identifying Start-Up Costs Capitalization
Employment Issues
Labor Laws
Selling to U.S. Government
Financing
Buy/Sell Agreements and Succession Planning
Business Valuation Methods

Tab N: Acquisitions, Dispositions and Liquidations
Partnership Liquidations
Sales and Exchanges of Interests in Pass-Through Entities
Corporate Liquidations
Stock Redemptions
Corporate Reorganizations
Section 338 Election
Disposition of Assets
Asset Acquisitions

Tab O: Deductions, Credits and Books vs. Tax
Business Tax Deductions
U.S. Production Deduction
Tax Credits
Energy Tax Incentives for Businesses
Net Income per Books vs. Taxable Income

Tab P: Tax Planning for the Small Business
Basics of Tax Planning
Hire Children to Save Tax
Lodging and Meals for Shareholder—Employees
Sole Proprietor Can Deduct Cost of Medical Expenses Paid to Employee—Spouse
Fringe Benefits
Home Office for the Small Business
S Corporation vs. C Corporation
Partnership vs. S Corporation-SE Tax
Organizational and Start—Up Costs
Unsuccessful Attempt to Acquire Business—Section 1244 Loss
Tax on Appreciated Real Estate
Conversion of Single-Owner to Multiple—Owner LLC
Conversion of Multiple-Owner to Single—Owner LLC
Adjustment to Basis of Partnership Property—Section 754 Election
Shareholder Loan to C Corporation
Shareholder Loan to S Corporation
S Corporation Built-In Gains Tax
S Corporation Election to Close Books on Termination of Shareholder's Interest
Corporate Stock vs. Asset Sale
Transferee Liability
Gifting Family Business Interests
Buy/Sell Agreement Funding
Practice Management
S Corporation Year—End Planning Checklist
Partnership Year-End Planning Checklist

Tab Q: New Law
Tax Legislation Enacted this Year

Index
Easy-to-use Topical Index

Optional Self-Study CPE courses included with Quickfinder CPE Collection. Obtaining CPE credit requires payment of grading fee.

Small Business: Schedule C and F Expenses

Course Description:
This course examines the various expenses that can be deducted on Schedules C and F. You will become acquainted with the costs that must be capitalized as well as those costs that can be deducted immediately. The course also takes a look at depreciation and Section 179 expenses that can be deducted by sole proprietors and farmers. There is also a discussion on the various employee-related expenses such as wages, payroll taxes, and other employee benefits. In addition, the course covers travel and entertainment expenses and the related reporting requirements. Finally, the course will briefly touch upon retirement plans.

Publication/Revision Date:
October 2008

Recommended for:
Users of Small Business Quickfinder® Handbook

Prerequisite/Advance Preparation:
None

CPE Credit:
8 QAS Hours, 8 Registry Hours
8 CTEC Federal Hours, 0 CTEC California Hours

Check with the state board of accountancy in the state in which you are licensed to determine if they participate in the QAS program and allow QAS CPE credit hours. Alternately you may visit the NASBA website at www.nasba.org for a listing of states that accept QAS hours. For those states that do not accept QAS hours, Registry hours should be reported.

Enrolled Agents: The CPE in this book is designed to enhance professional knowledge for Enrolled Agents. Gear Up is a qualified CPE sponsor for Enrolled Agents as required by Circular 230 Section 10.6(g)(2)(ii).

Field of Study:
Taxes

Expiration Date:
Postmarked by December 31, 2009

Knowledge Level:
Basic

Learning Objectives:

Lesson 1—Overview
Completion of this lesson will enable you to:

  • Differentiate hobby versus business expenses and apply the tests for deductibility.
  • Identify the cash basis or accrual basis taxpayer and capitalized costs compared to deductible expenses.

Lesson 2—Personal and Business Expenses
Completion of this lesson will enable you to:

  • Identify and classify home office expenses.
  • Compute automobile expenses using one of the IRS approved methods.

Lesson 3 —Depreciation
Completion of this lesson will enable you to:

  • Calculate depreciation using the Section 179 expense election and depreciation conventions under MACRS.

Lesson 4 —Employee Expenses
Completion of this lesson will enable you to:

  • Compute and properly deduct various employee-related expenses.

Lesson 5 —Travel and Entertainment
Completion of this lesson will enable you to:

  • Differentiate between business expenses that are allowable and those that may be disallowed.

Lesson 6 —6: Common Expenses
Completion of this lesson will enable you to:

  • Determine the deductibility of various expenses common to most small business.

Lesson 7 —Farming Revenue and Expenses
Completion of this lesson will enable you to:

  • Identify the revenue and expense categories unique to a farming operation, including whether or not the farm meets the definition of a business or hobby.

Lesson 8 —Retirement Plans
Completion of this lesson will enable you to:

  • Determine the best retirement plan to fit your client?s needs.
  • Describe the deduction limits and qualification rules unique to each type of retirement plan.

To Complete This Learning Process:

Send your completed Examination for CPE Credit Answer Sheet, Course Evaluation and payment to:

Thomson Reuters
DSBT08 Self-study CPE
P.O. Box 966
Fort Worth, TX 76101

See the test instructions included with the course materials for more information.

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