Preparing corporate income taxes requires a shift in mindset from individual tax preparation and compliance. Learn the concepts and tools necessary to support clients or businesses. Key topics include capitalization, depreciation, carrybacks and major book to tax issues involving corporations and Form 1120 preparation. Examine practical spreadsheet approaches that allow practitioners to efficiently and effectively manage book vs. tax differences (M-1 or M-3 items). Cover the impact of new tax law changes with ideas for client consideration. Additionally, dive into a complex corporate return case study, including discussion of identifying book to tax differences as well as self-review tips. Discuss certain elections and a brief overview of mergers and acquisition issues. Focused on concepts with the presentation in the return, not how to input in return.
• Understand new tax law and possible opportunities with clients.
• Identify substantive tax issues involving regular corporations.
• Recognize and identify book to tax differences.
• Recognize gains and losses, Form 4797 and Secs. 1231, 1239, 1245, 1250 and 291.
• Determine a workpaper format and approach to efficiently prepare corporate Form 1120.
• Identify major corporate tax forms, including Form 1120 and related schedules.
• Outline necessary steps to complete a complex sample corporate Form 1120, including workpapers and schedules.
• Review case studies throughout the day and how presented in return.
• Discuss certain elections • A brief overview of issues associated with mergers and acquisitions
• Corporate structure entity choice comparisons
• Form 1120 and Schedule M-1 or M-3
• Items for book-tax differences
• Tax accounting methods
• Uniform capitalization rules, overview
• Minor discussion on depreciation: capitalization, gain, loss and recapture
• Carrybacks, carryforwards and credit
• Case Study and presentation in return
• Mergers and Acquisitions impact on the returns
CPAs, tax preparers and attorneys.
None This a basic fundamental course.
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