Forms 1120 & 1120S: A Hands-On Refresher Webinar
Overview
This continually updated corporate tax webinar helps CPAs, EAs, and other tax professionals avoid potentially costly compliance errors and tax issues when preparing Forms 1120 and 1120S. Presented by an expert in the field, this webinar focuses on such key issues as:
- Completing critical sections of corporate tax returns
- Applying various tax concepts and solving problems
- Maximizing tax planning opportunities
- Avoiding common pitfalls and errors
- Understanding the impact of recent legislation
This course qualifies for 8 NASBA CPE Credits and IRS Continuing Education Credit.
Objective
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.
Emphasis
- Attributes and tax consequences of C & S corps
- Calculation of taxable income
- Common book/tax differences
- Accounting periods and methods
– Small business exception
– Permissible Methods of Accounting - Timing of inclusion of items of income
- The "All-Events Test"
- Timing of deductions of expenses
- Accrual method
- Book/tax differences related to income and expenses
- Alternative minimum tax and base erosion minimum tax
- Uniform Capitalization Rules (UNICAP)
– Transactions subject to UNICAP
– Transactions exempt from UNICAP
– Direct, indirect and service costs subject to UNICAP
– Package design costs
– Cost allocation methods
– Property acquired for resale - Limitation on business interest expense
- Taxation of stock options
- Depreciation after Tax Reform Act
- Depreciation changes
- Consolidated returns
- Other corporate changes under the Tax Act of 2017 and COVID recap
This course is included in the following subscriptions:
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