There are no prerequisites.

Course Description

Americans who want to be their own boss are not entirely on their own. Uncle Sam is there to help, as well as make demands. The nation's tax laws are intended to encourage new businesses and are chock-full of incentives and tax breaks (as well as sometimes onerous reporting requirements). This course is a fast-paced and entertaining guide through tax issues affecting business entities and their owners. The material focuses on tax devices and techniques available to the small-business owner, emphasizing operational deductions, fringe benefits, compensation, family income splitting, retirement plans, and estate planning.


Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.

Course Specifics

Jul 14, 2017
There are no prerequisites.

Compliance Information

IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-00853-15-S
IRS Federal Tax Law Credits: 24
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-0841
CTEC Federal Tax Law Credits: 24
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the characteristics, requirements, and tax treatment of sole proprietorships, partnerships, and corporations including the best organizational format for new and existing businesses
  • Identify how choice of entity relates to the type of records to keep
  • Specify the characteristics and requirements of available accounting periods and methods, and the methods for identifying and valuing inventory items

Chapter 2

  • Identify the various types of income and their tax and reporting implications
  • Specify the existing basic business and investment tax credits, noting their tax requirements and business asset types
  • Identify the tax treatment of the disposition of business assets

Chapter 3

  • Identify the elements and requirements of deducting and substantiating business expenses and costs contained in §162
  • Identify the components and requirements of conditional sales contracts, leveraged leases, and true leases
  • Cite the various forms of interest expense under §163(a), related reporting and filing requirements, and the distinctions between deductible and nondeductible interest
  • Identify the deductions, reporting requirements, and tax treatment for real estate, state and local taxes, home office use, research and experimentation costs, barrier removal, and mine development
  • Identify the various forms of tax treatment under the concepts of depreciation and amortization, including the effect on amortization of §197
  • Differentiate between the concepts of cost depletion and percentage depletion as a means of accounting for the reduction of a product's reserves
  • Specify the types of bad debt, their effect on accounting, and the various methods for dealing with bad debt

Chapter 4

  • Specify the common-law rules used by the IRS to determine whether a person is an employee for purposes of FICA, FUTA, and federal income tax withholding, and determine the tax consequences
  • Identify the tests for wages to be deductible, the requirements for various employer provided fringe benefits, and how excluded fringe benefits can result in more employer deductions and incentive-based compensation to employees
  • Cite characteristics, use, and tax consequences of deferred compensation agreements and the basic types of nonqualified deferred compensation

Chapter 5

  • Identify the apportionment of business and personal use of an automobile including deduction limitations and the characteristics of the various depreciation methods
  • Identify the requirements, advantages, and disadvantages of personal auto leasing
  • Cite the characteristics and limitations of the standard mileage method
  • Identify the impact of various working condition fringe benefits, including their impact on the gross income of employees
  • Identify the valuation methods used in determining the actual value of an employee's personal use of an automobile

Chapter 6

  • Identify important aspects related to travel and entertainment expenses
  • Cite the factors associated with the business purpose requirement and how they determine deductible expenses for meals and entertainment
  • Identify the federal per diem rate from any one of several methods

Chapter 7

  • Identify the requirements, limitations, and characteristics of qualified retirement plans
  • Differentiate between defined contribution and defined benefit plans
  • Compare and contrast Keogh plans, traditional and Roth IRAs, and SIMPLE 401(k) plans

Chapter 8

  • Identify the benefits and requirements of varying types of insurance
  • Cite the requirements and rules for insurance premium deductions, interest disallowance, and uniform capitalization

Chapter 9

  • Cite the important aspects of general estate planning
  • Identify the primary dispositive plans, their characteristics, key issues, and tax treatment
  • Cite the implications of important revenue rulings
  • List useful estate planning tools

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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