• Gross business income

• Cost of goods sold (e.g., inventory practices, expenditures included, uniform capitalization rule)

• Net income, net operating losses, and loss limitations including passive activity and at risk limitations

• Gain or loss on disposition of depreciable property

Business expenses, deductions and credits

• Employees’ pay (e.g., deductibility of compensation, fringe benefits, rules of family employment, statutory employee, necessary and reasonable)

• Reporting requirements for company employees (W-2, W-4, Form 1099)

• Business rental deduction

• Depreciation, amortization, IRC section 179, and depletion

• Business bad debts

• Business travel, entertainment, and gift expenses

• Interest expense

• Insurance expense

• Taxes (e.g., deductibility of taxes, assessments, and penalties; proper treatment of sales taxes paid)

• Employment taxes

• Federal excise tax

• Casualties, thefts, and condemnations

• IRC section 199 deduction (domestic production activities)

• Eligibility and deductibility of general business credits (e.g., welfare-to-work credit, disabled access credit, investment credit)

• Filing obligations (e.g., extended returns)

• Depositing obligations (e.g., employment tax, excise tax)

• Reporting obligations for businesses (e.g. IRC sections 1099 and 1031 exchanges)

• Record-keeping requirements (mileage log, cell phone usage, accountable plans)

• Related party transactions

• Definitions of business entities

• Client habits (e.g., personal usage of business accounts, separation of business and personal accounts)

• Benefits and detriments of choosing each type of business entity

• Advice on accounting methods and procedures (e.g, explanation of requirements)

• Transfer elections in or out of the business (e.g., contributed property, distributions)

• Life cycle of the business (e.g., startup, decline)

• Type of industry (e.g., personal service corporation)