The hour-long broadcast covered reporting of income, record keeping tips, business use of the home calculation, depreciation and the Food Program and food expenses.
The webinar host referred the audience to the IRS Child Care Tax Center where additional IRS resources are posted.
The webinar host pointed out that the IRS will look for unreported income by examining a child care provider's contract for language about fess such as: late pick up fees, registration fees, transportation fees, and other fees.
In other words, providers who have such fees in their contract will be assumed to have collected these fees, even if they weren't! To protect themselves, providers who are not consistently collecting fees listed in their contract should start collecting them or take them out of their contract. See more in my Commentary to the IRS Child Care Audit Technique Guide.
The host advised providers to report only the "net" income or expenses when reporting Food Program income and expenses. Unfortunately, this advice is contradicted by the IRS Audit Child Care Provider Audit Technique Guide which says, "the netting method is not a preferred method since an [IRS] Examiner will always be looking for the food reimbursement amounts."
The IRS added this language to the Audit Guide at my request after I pointed out that using the netting method has created confusion for many child care providers and tax preparers. For further information about netting, see my article "Are CACFP Reimbursements Taxable Income?"