Small Business I Tax Course

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For Current Tax Preparers – 2021 Edition for 2020 Returns

Practitioners who have a basic understanding in tax preparation can broaden their knowledge base by completing the Small Business I Tax course. This course is designed to educate practitioners about a variety of tax issues experienced by business entities. This course is ideal for anyone looking to gain a basic understanding of small business tax issues. Like all ITS courses, this course is continuously updated with the latest IRS guidance and legislative changes to keep you informed of the latest tax laws. Some of the major topics covered in this course include:

  • Business Entity Types – What is the difference between a Sole Proprietor, Partnership, C Corporation, and S Corporation? What are the advantages and disadvantages of these entity types?
  • Business Income and Expenses – How are certain types of income and expenses reported and accounted for?
  • Business Property – How is business property depreciated and how is this information reported on the tax return?
  • Employment taxes – What forms must be filed for employment tax purposes?

Small Business I will help savvy practitioners expand their skill sets and client base.

Product Description

Prior tax preparation experience/knowledge is suggested for the Small Business I course. Students normally enroll in this course after completing the Comprehensive Tax Course and working at least one season as a tax preparer. This course is not a webinar.

This year’s edition has been completely revised and contains pointers you will appreciate as useful, practical advice to be applied in your daily work. Our materials now concentrate on the advancement of careers and profitability. Relevant updates will also be regularly provided so that you remain informed on your craft.

  • Free Shipping on student books shipped within the contiguous United States

Course Includes:

  • 2 Modules comprised of 28 hours of education
  • Reading and Reference Materials
  • Learning Activities
  • Real world examples and applications
  • Practical Pointers for your own use
  • Quizzes & Tests
  • Surgent ITS Support by email
  • Automatic online grading with feedback on most graded assignments
  • PDF downloads for reading materials
  • Hard copy books may be purchased at checkout

Course Content:

Module 1

  1. Steps to Starting a Business, Entity Types, Sole Proprietorships, Accounting Methods and bookkeeping, Recordkeeping, Keeping Accurate Records for Business Activities
  2. Costs of Goods Sold, Start-Up Costs, Basis and Adjusted Basis, Methods of Depreciation
  3. Placed in Service, Review of Basis Rules, Disposition Types, Reporting Gains and Losses
  4. Sole Proprietorships, Tangible Property Regulations/Safe Harbor, General Business Credits, Qualified Business Income (QBI) Deduction

Module 2

  1. Balance Sheet, The Income Statement, Asset Section, Liability Section, Equity Section, Calculating the Financial Health of a Business
  2. Community Property Rules for Partnerships, Partnership Agreement, Sale or Exchange of Partnership Interest, Determining Items Reportable to Partners
  3. General Characteristics of C Corporations, Uniform Capitalization Rules (UNICAP), Reconciliation of Income (Loss) Per Books with Income Per Return: Schedules L, M-1, and M-2, How to Figure the Ending Cash Balance
  4. S Corporations Elections, Built-In Gains, Separately Stated Items, Reasonable Compensation
  5. Recordkeeping Requirements, Payroll Reporting and Deposit Requirements, COVID-19, The Cares Act, and the Effect on Employers, Business Provisions in the Cares Act, New COVID-19 Tax Credits for Employers


2021 Small Business I Income Tax Course-Learning Objectives

Course Term:

  • Upon purchase, you will receive login credentials via email and may start your course right away.
  • You can work at your own pace and access the course content at any time.
  • You will have 3 months from your purchase date to complete the course, though many students finish much earlier.
  • A course extension may be purchased from our online store, if needed.

Certificate of Completion and Reporting CE:

  • Students will also earn a Certificate of Completion after each module that will be available for download in the learning management system.
  • Surgent Income Tax School will report all credit hours and completed certificates to the IRS and/or CTEC (for California preparers).

Provider Information:

  • IRS Provider #: EEZ75
  • CTEC Provider #: 1071
  • NASBA Sponsor #: 103388

IRS Program # Small Business I

  • Module 1: EEZ75-T-00328-21-S
  • Module 2: EE76-T-00328-21-S

CTEC Program # Small Business I

  • Module 1: 1071-CE-3082
  • Module 2: 1071-CE-3083

Important Notice:

  • The IRS requires you to complete all CE with a passing score by 12/31 each year in order to be accepted.  Surgent Income Tax School will report all credit hours and completed certificates to the IRS and/or CTEC (for California preparers).

Attention CTEC Students:

  • Surgent ITS students should complete CTEC CE by 10/21 each year to ensure timely reporting in order to meet the 10/31 CTEC renewal deadline.
  • CTEC students are responsible for verifying their own credits through their CTEC account before 10/21 to ensure complete and timely reporting of their CE before the 10/31 CTEC renewal deadline.
  • Surgent Income Tax School will do its best to request PTIN and CTEC numbers from Surgent ITS students, but it is the student’s responsibility to provide them to Surgent ITS School Administrators to ensure timely CE reporting.
  • Surgent Income Tax School is not liable for any delays caused by the website or the student’s failure to comply with the above requested actions.
  • CTEC does offer late renewal for an additional fee, in which case Surgent ITS students must complete CTEC CE by 1/5 of each year to meet the 1/15 CTEC late renewal deadline.


View Surgent Income Tax School’s Certifications and Credentials

Course FAQs

How do I get started?

Upon purchasing your course, you will receive login credentials via email to log in to our Learning Management System (LMS) and may begin your course right away. Your login credentials for the LMS and for your ITS account (used to purchase more courses or seminars) will be the same until and unless you change one or both of them.Back To Top

How long do I have to complete the course?

You can access and complete our courses online, 24/7, provided you have internet access. Course completion terms vary depending on the course or bundle you purchase. Typically, you will have 6 months to complete the Comprehensive Tax Course and 3 months for any of the Advanced or Small Business courses. This is based on a schedule of just one chapter per week, with 2 additional weeks to study for tests, though many students are able to complete their courses more quickly.
If you have purchased a bundle or certificate program product that includes multiple courses, you can to add the course terms together to get the completion terms of that product. Specific completion terms for each product are also listed on the corresponding product page.Back To Top

Do I have to buy hard copy books?

Hard copy books are completely optional. Some students prefer to work through reading materials offline and simply use the online platform to complete assignments, quizzes, and tests. The hard copy books are also a useful tool for tax preparers to use as a reference after they’ve completed the course and are filing tax returns in the field. You do not have to wait for your hard copy book to be shipped to you, but you can if you wish.Back To Top

I purchased a bundle/certificate program with books, but only received one book. Why?

Bundles and certificate program are products that include multiple courses designed to be taken in order. Depending on when you purchase, you could start your first course and by the time you’re ready to start the next one a new edition could be available. For this reason, we ship books one at a time to make sure you get the most up-to-date version available.Back To Top

Which edition should I choose: Standard or California?

The Standard edition of our courses contains information about federal tax law and is applicable to all US tax preparers. A California edition is available for our Comprehensive and Small Business I courses, which includes all the information of our Standard editions but adds a California state tax law supplement. If you’ll be filing returns for California residents and businesses, choose California. Otherwise, choose Standard.Back To Top

What grades do I need to pass the course?

A 70% minimum cumulative grade point average is required to pass each course module. This includes all graded assignments, quizzes, and final exams. Certificates of completion are awarded for each course module successfully completed; however, an overall course certificate of completion is awarded only if all related course modules are successfully completed. Certificates of Completion are emailed upon successful completion with a final passing grade of 70% or greater. You must successfully complete each section before you are able to move on to the next one.

If you’re unable to finish any graded assignment in one sitting, you can always save your place and sign off (just be sure NOT to click ‘submit all and finish’). When you sign back in you’ll be able to continue from where you left off. If you’d like, you can download any assignment to complete offline, and then input the answers when you have time.Back To Top

What happens once I complete my course?

Upon successful completion of the course, our school administrators will review your progress and you will receive a Certificate of Completion by The Income Tax School (ITS). We will also report your credits to the IRS and CTEC (if applicable), provided you have submitted an active Preparer Tax Identification Number (PTIN) to us. Click here for information on how to obtain an active PTIN from the IRS.Back To Top

I’m buying a course on behalf of someone else, what should I do?

For business owners operating their own tax school who wish to license our courses for their students: email or call 1-800-984-1040.

Many customers come to us and are buying a course or seminar for someone else. They could be buying the course for their spouse, or a business owner purchasing for an employee(s), or an employee signing up for a course that their employer is paying for. In those cases, use the following steps:

  1. Select your course(s)
  2. Proceed to checkout
  3. Fill the billing address and payment fields with the information of the person paying for the course.
  4. In the Additional Comments section: enter the names and emails of the person(s) taking the course(s)

Example: Jane is a business owner who wants to purchase the Comprehensive Tax Course for Megan and the CTP Program for Jeff. Jane puts both the Comprehensive course and the CTP Program in her cart and proceeds to checkout. Jane enters her information for the Name, Email, Billing Address, and credit card info, then specifies “Megan Smith – Comprehensive course. Email:, Jeff Jones – CTP Program. Email:” in the Additional Comments section.

Jane will receive a receipt of purchase by email and will be given login credentials of her own by default. Our school administrators will then manually create student accounts for Megan and Jeff and add their respective courses to their accounts. Please allow up to 2 business days for this to take place.

Please Note: Extension requests and name changes on purchases placed on a Friday may not be completed until the next business day.

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Refund Policy

The Refund Policy below is applicable only for courses students purchase directly from The Income Tax School or Peoples Income Tax School. Students who purchase any courses through third party schools or other organizations must address all refund issues with the entity through which they made that purchase.

Please note: Operator’s Starter Kit, License Renewal, Tax Practice Management Manuals (Marketing, Policies and Procedures, Personnel, and Expansion), Print/Hard Copy Books for Individual Course Purchase, the Guide to Start and Grow Your Successful Tax Business, and the two Business Start-up Guides are non-refundable.

Online for Individual Students

Payment Plan Terms & Conditions for Courses Purchased Before 3/11/21

Chartered Tax Certificate Programs for Online Individual Students

Virginia Student Enrollment Agreement for Courses Purchased Before 3/1/2021

Surgent EA Review Refund Policy and Pass Guarantee

Academic Honesty Policy

Licensee Guarantee and License Agreement

Reseller License Agreement

1 review for Small Business I Tax Course

  1. Cheryl

    I loved the other courses, but this one did not offer enough practice returns. I find it very difficult to work with partnership and corporate returns after taking only this class. I learned the theory, but I needed MUCH more practice – three or four examples in each chapter of the course would have been good. Instead, there was often only one.

    Dear Cheryl, Thank you so much for your candid feedback. We agree that there are not enough examples/practice tax returns and plan to add more in our next update.- The Income Tax School Curriculum Development Team

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Add books? (optional)

Hard copy books are non-refundable.

  • Small Business I Books $62.00

Add Tax Business Start-Up Guide? (optional)

This 319-page book is your go-to guide to getting started with a tax business today! “One very important thing I have learned over the years is that there is no need to reinvent the wheel. This book is a practical, comprehensive guide that is beneficial for all entrepreneurs planning to operate as either a sole-tax practitioner or a tax business owner employing other tax preparers. Throughout this book, you will learn many best practices that will save you time and money, and help you grow a successful tax business.” – Chuck McCabe, Founder & CEO of The Income Tax School and Peoples Tax

  • Guide to Start and Grow Your Successful Tax Business – Printed & Shipped Book $149.00
    Guide to Start and Grow Your Successful Tax Business PDF download $99.00
  • Read license guarantee and license agreement

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