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Schedules C and E: Differences & Similarities

Gain a better understanding of where to account for income and losses and what limitations may be expected.

Owners of unincorporated businesses and disregarded entities (single member LLCs) report their income and losses on either Schedule C or E of their personal 1040. If you fall in either of these categories, then this information is for you. Learn the requirements of both these schedules on Form 1040, distinguish which one is proper to report activities resulting in either income or losses, and what limitations may be expected.

Runtime: 97 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Schedule C: Profit or Loss From Business (Sole Proprietorships)

  • Part I - Schedule C - Income
  • Part II - Schedule C - Expenses
  • Part III - Schedule C - Cost of Goods
  • Part IV - Schedule C - Information on Your Vehicle
  • Part V - Other Expenses

Schedule E: Supplemental Income and Loss(From Rental Real Estate, Royalties, S Corporations, Estates, Trusts, REMICs, etc.

  • Part I - Schedule E - Income or Loss From Rental Real Estate and Royalties
    • Rental Activities Reported on Schedule E
    • Computation of Rental Income and Loss Limitations
    • Vacation Home Rules
    • Other Rental Activities Reported on Form 4835 (Farm Rental Income and Expenses)
  • Both Part II - Schedule E - Income or Loss From Partnerships and S Corporations and Part III - Schedule E - Income or Loss From Estates and Trusts
    • PassThroughs From K1s
    • Passive and Nonpassive Income and Losses
  • Part IV - Schedule E - Income or Loss From Real Estate Mortgage Investment Conduits (REMICs) - Residual Holder
  • Part V - Summary
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 16, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Marcia L. Miller, M.B.A., E.A.

Marcia L. Miller, M.B.A., E.A.

Financial Horizons, Inc.

  • President and owner of Financial Horizons, Inc., a full service accounting & tax firm
  • Enrolled agent entitled to practice before the Internal Revenue Service
  • 40 years of accounting, tax and management consulting in South Florida for a practice with an emphasis on representing small business owners in all aspects of taxes, employment & labor issues, pensions, estate planning as well as federal, state (nationwide) and foreign mandatory reporting
  • Federal appointment successfully completed for a three year term to the Internal Revenue Service's Information Reporting Program Advisory Committee (IRPAC)
  • Author, speaker & teleconference expert, for various national companies and accounting organizations at their annual conferences, lecturing on a multitude of tax, technical & non-technical topics focusing on the areas of tax planning, management & health care reform
  • Managing director, Transition Advisors, LLC, leading CPAs through transition with succession and M & A strategies
  • Live presenter at the 2016 CCH Annual User's Conference and FICPA Chapter meetings regarding succession planning for CPAs
  • Previous nationwide presenter of tax legislative seminars for Thomson Reuters' Bell Learning Series on current business taxation & accounting issues
  • Former adjunct professor at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship
  • M.B.A. and B.B.A. degrees, University of Miami School of Business
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405380
Published 2019
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