Forms 1120 & 1120S: A Hands-On Refresher Webinar

To guide CPAs, EAs, and other tax professionals through the complex corporate taxation rules that arise when filling out Forms 1120 and 1120S. This hands-on course provides actionable insights into both C corporation and S corporation tax compliance, enabling you to navigate recent tax act changes, optimize deductions, and streamline return preparation.

To guide CPAs and other financial professionals through the maze of issues related to corporate taxation. Emphasis is on both C corporations and S corps.

DETAILED LEARNING OBJECTIVES

• Distinguish between C corporations and S corporations

• Identify the federal income tax filing requirements for Forms 1120 and 1120-S

• Apply the corporate charitable contribution deduction limitations

• Distinguish between permanent and temporary book-tax differences

• Determine the deductibility of business meals and entertainment expenses

• Differentiate among calendar, fiscal, and short tax years

• Identify permissible tax year-ends for S corporations

• Apply the applicable financial statement income inclusion rule

• Determine when an accounting method has been adopted for federal tax purposes

• Apply the income recognition rules for sale-or-return arrangements

• Explain the tax treatment of income received under a claim of right

• Select an appropriate accounting method for long-term contracts

• Apply the installment sale rules to property transactions

• Apply the all-events test to accrued liabilities

• Determine when economic performance occurs for services and other liabilities

• Apply the recurring-item exception to qualifying expenses

• Determine the proper timing of deductions for real property taxes

• Recognize when estimated future liabilities are deductible

• Explain the purpose and scope of the Uniform Capitalization Rules

• Identify taxpayers and transactions exempt from UNICAP

• Classify direct, indirect, and mixed-service costs under UNICAP

• Apply permissible methods for allocating costs to production and resale activities

• Determine which purchasing, handling, and storage costs must be capitalized

• Calculate the general limitation on business interest expense

Identify taxpayers eligible for an exception to the business interest expense limitation

Recognize the employer tax consequences of statutory and nonstatutory stock options

Identify property eligible for tax depreciation

Determine the applicable depreciation system, method, convention, and recovery period

Apply the Section 179 expensing provisions to qualifying property

Apply the bonus depreciation rules to qualifying business property

• Attributes and tax consequences of C & S corps
• Calculation of taxable income
• Accounting periods and methods
• Timing of inclusion of items of income
• The "All-Events Test"
• Deductions of expenses
• Accrual method
• Uniform Capitalization Rules (UNICAP)
  – Transactions exempt from UNICAP
  – Costs subject to UNICAP
  – Property acquired for resale
• Limitation on business interest expense
• Taxation of stock options
• Depreciation after Tax Reform Act
• Depreciation changes
• Consolidated returns
• Other recent corporate changes