Schedule C: Filing and Reporting Requirements

Schedule C is primarily used by individuals to report profit or loss from trade or business activity. Important considerations include the determination of whether a trade or business is conducted with the required continuity, regularity, and profit motivation – as well as verifying whether a taxpayer meets “at risk” or passive activity loss deduction requirements. This course provides an overview of these Schedule C filing requirements and important considerations.

Last Revision: April 2023

$16.00
  

Prerequisites

Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

Schedule C is primarily used by individuals to report profit or loss from trade or business activity. Important considerations include the determination of whether a trade or business is conducted with the required continuity, regularity, and profit motivation – as well as verifying whether a taxpayer meets “at risk” or passive activity loss deduction requirements.

This course provides an overview of these Schedule C filing requirements and important considerations.

After completing this course, you will be able to:

  •          Specify some of the main taxpayers filing Schedule C
  •          Identify whether an activity qualifies as a trade or business
  •          Calculate and report income and expenses on Schedule C
  •          Specify net income or loss transferable from Schedule C to Schedule 1 (Form 1040) and Schedule SE
  •          Identify whether a taxpayer meets the “at risk” or passive activity loss deduction requirements

CPE Facts

Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
NASBA 1 Self-Study Taxes N/A 103137
CTEC 1/0 Self-Study Federal Tax Law 3038-CE-0263 3038
IRS 1 Self-Study Federal Tax Law FQTGU-T-00585-23-S FQTGU
Texas State Board of Accountancy 1 Self-Study Taxes 100363 002921
Pennsylvania State Board of Public Accountancy 0.5 Self-Study (Non-Interactive) Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.

Other Details
Last Revision April 2023
Course Expiration The CPE portion of this course expires one year from date of purchase
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