About Course

This self-study program provides a comprehensive examination of Schedule C requirements for tax professionals who prepare returns for sole proprietors, single-member LLC owners, gig workers, and independent contractors. The course covers filing obligations, income reporting, business deductions and substantiation, audit risk, and preparer responsibilities under Circular 230.

Course Content

Module 1 – Who Files Schedule C, Business Types & Recordkeeping Fundamentals
Learn who is required to file Schedule C and how to distinguish a business from a hobby activity. This module also covers recordkeeping requirements and business account best practices.

Who Files Schedule C, Business Types & Recordkeeping Fundamentals

Module 2 – Income Reporting & Documentation Requirements
Review Schedule C income reporting rules, including 1099-NEC, 1099-K, cash income, barter transactions, and documentation requirements. Participants will learn how the IRS matches income and identifies reporting errors.

Module 3 – Deductible Expenses & Substantiation Requirements
Examine deductible business expenses, vehicle deductions, home office rules, meals, travel, and substantiation requirements. This module focuses on applying IRC Section 162 and maintaining proper records.

Module 4 – Common Errors, Audit Risk & Compliance
Identify common Schedule C mistakes, audit triggers, IRS notices, and preparer responsibilities. Participants will learn compliance best practices and Circular 230 requirements.

Final Assessment – Schedule C: Income, Deductions & Compliance
This final examination evaluates your understanding of Schedule C filing requirements, income reporting rules, deductible business expenses, substantiation standards, audit risk factors, and preparer responsibilities. A passing score of 70% is required to successfully complete the course and receive CE credit.

About Course

Related Courses

What Will You Learn?

Course Content

Module 1 – Who Files Schedule C, Business Types & Recordkeeping Fundamentals Learn who is required to file Schedule C and how to distinguish a business from a hobby activity. This module also covers recordkeeping requirements and business account best practices.

Who Files Schedule C, Business Types & Recordkeeping Fundamentals

Module 2 – Income Reporting & Documentation Requirements Review Schedule C income reporting rules, including 1099-NEC, 1099-K, cash income, barter transactions, and documentation requirements. Participants will learn how the IRS matches income and identifies reporting errors.

Income Reporting & Documentation Requirements

Module 3 – Deductible Expenses & Substantiation Requirements Examine deductible business expenses, vehicle deductions, home office rules, meals, travel, and substantiation requirements. This module focuses on applying IRC Section 162 and maintaining proper records.

Deductible Expenses & Substantiation Requirements

Module 4 – Common Errors, Audit Risk & Compliance Identify common Schedule C mistakes, audit triggers, IRS notices, and preparer responsibilities. Participants will learn compliance best practices and Circular 230 requirements.

Common Errors, Audit Risk & Compliance

Schedule C: Income, Deductions & Compliance

Module 1 – Who Files Schedule C, Business Types & Recordkeeping Fundamentals
Learn who is required to file Schedule C and how to distinguish a business from a hobby activity. This module also covers recordkeeping requirements and business account best practices.

Module 2 – Income Reporting & Documentation Requirements
Review Schedule C income reporting rules, including 1099-NEC, 1099-K, cash income, barter transactions, and documentation requirements. Participants will learn how the IRS matches income and identifies reporting errors.

Module 3 – Deductible Expenses & Substantiation Requirements
Examine deductible business expenses, vehicle deductions, home office rules, meals, travel, and substantiation requirements. This module focuses on applying IRC Section 162 and maintaining proper records.

Module 4 – Common Errors, Audit Risk & Compliance
Identify common Schedule C mistakes, audit triggers, IRS notices, and preparer responsibilities. Participants will learn compliance best practices and Circular 230 requirements.