Selected Business Expenses - Mini CourseCode: 16-BUSEXP2
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Course description and objectives:
Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.
After reading the materials, participants will be able to:
1. List the elements of the §162 and the limitations imposed by the not-for-profit provisions explaining how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
2. Analyze the corporate dividends received deduction, determine the cost allocation on the business use of a residence and define casualties, thefts and research costs in the context of business deductions under §162.
3. Compare and describe the various methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.
4. Explain depreciation rules related to ACRS and MACRS, and list the elements of the business bad debt provisions under §166.
Presentation Method: Self-Study
CPE credit: 2 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to: National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417. Web site: www.nasba.org
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