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Potential “Red Flag” Issues of Operating A Business (Sch. C) (Audit?), Potential Problem Audit Issues of A Rental Business (Sch. E), and A Potpourri of Other Issues - OC South County In-Person Chapter Meeting 11.15.21
Mission Viejo Elks Lodge
25092 Marguerite Pkwy
Mission Viejo, CA 92692
Monday, November 15, 2021, 6:00 PM - 8:00 PM PDT
Category: Chapter Meetings

Potential “Red Flag” Issues of Operating A Business (Sch. C) (Audit?), Potential Problem Audit Issues of A Rental Business (Sch. E), and A Potpourri of Other Issues
Orange County South Chapter In-Person Meeting

Date:

Monday, November 15, 2021
6:00 PM to 8:00 PM

Location:

Mission Viejo Elks Lodge
Big Meeting Room
25092 Marguerite Pkwy
Mission Viejo, CA 92692
Free Parking

Description:

Potential Problem Issues of Operating a Business (Sch. C), Potential Problem Audit Issues of a Rental Business (Sch. E), and Potpourri of Other Issues

  • Recordkeeping (IRC Sec. 6001) 
  • Analyzing a Tax Return
  • Operating a Business (Also Applies to Corporations, Partnerships)
  • Gross Receipts/Sales, What Is Income?  - IRC Section 61
  • Business Vs Personal Expenses - IRC Sec. 262, 212
  • Business Start-Up Costs - IRC Section 195 & 248
  • Depreciation (Allowed Vs Allowable)
  • Is It a Business or An Activity Not-For-Profit? - IRC Sec. 183
  • Contract Labor Vs. Employee
  • General Rules for Expenses
  • Corporation Guidelines/Rules
  • Sch. E, Passive Activity Rules
  • Bad Debts
  • Employer Stock Transactions

Speaker:

Anthony D. Bustos, EA, graduated from CSU-Fullerton with a BA in Business Administration-Accounting. Mr. Bustos was employed by the IRS for several years as a Revenue Agent auditing individuals, businesses, corporations and partnerships aswell as researching tax laws, court cases and revenue rulings. He represents clients before the IRS and FTB in audit, special problems and collection matters such as the release or modification of wage levies, payment agreements, and hardships. He provides tax preparation and planning for corporations, partnerships, sole proprietorships and individuals. He appeared on Trinity Broadcasting Network’s televised “Battlelines“program and has been a speaker to the Riverside Tax Consultants Association, and the California Society of Accounting and Tax Professionals. Anthony was the President of the California Society of Tax Consultants from 2006 to 2008.

CPE Information:

2 Federal Law hours (Topics covering existing tax law)

IRS: 18QC1-T-01575-21-I
CTEC: 1000-CE-4983

Knowledge Level: Intermediate (Basic knowledge helpful)

Cost:

Member Registration Fee (BEFORE November 12, 2021): $40
Non-Member Registration Fee (BEFORE November 12, 2021): $70

Member Registration Fee (AFTER November 12, 2021): $60
Non-Member Registration Fee (AFTER November 12, 2021): $90

LAST DATE TO REGISTER: NOVEMBER 14, 2021


This presentation has been designed to meet the requirements of the Return Preparer Office, the California State Board of Accountancy; and the California Tax Education Council including code 31 of Federal Regulations10.6 (g). This does not constitute an endorsement by these groups. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA. 95812- 2890, or phone CTEC at (877) 850-2832, or on the Internet at www.ctec.org.

Contact: Jerrie Muir - [email protected] or 9496336378