This advanced course builds on the foundational principles introduced in Fundamentals of the 1040 – Core Concepts, guiding participants into the complexities of business income taxation and expanded reporting requirements. Learners will gain practical skills for accurately reporting self-employment income and pass-through entity activity on Form 1040. Income and expense reporting on Schedule C and Schedule E will be covered as well as the integration of essential forms such as Form 7203 (S corporation shareholder basis) and Form 7217 (Partnership basis tracking). Designed for tax professionals seeking deeper proficiency, this course equips participants to confidently prepare returns for clients engaged in sole proprietorships, partnerships, and S corporations. Legislative updates impacting business filers will be covered.

Learning Objectives
Upon completion of this course, the learner will be able to:
• Analyze Schedule C to determine business income, deductions, and self-employment tax implications
• Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
• Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
• Calculate self-employment tax and apply deductions related to business expenses
• Implement preparer best practices to avoid common IRS audit triggers
• Understand key deductions and credits for business owners

To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.

Participants have 1 year from the date of purchase/enrollment to complete this course

Our Refund Policy can be found at: https://cpeprime.com/cancellation-and-refund/

General understanding of federal income taxation.

2025 fundamentals of the 1040 – Business Income & Reporting