Corporate Income Tax Return Fundamentals
Thursday, December 7, 2017
Preparing corporate income taxes requires a shift in mindset from individual tax preparation and compliance. Learn about the concepts and tools necessary to support clients or businesses, including capitalization, depreciation, carrybacks and other tax issues involving corporations and Form 1120 preparation. Also, understand a practical spreadsheet approach that allows practitioners to efficiently and effectively manage book vs. tax differences (M-1 or M-3 items). Plus, cover recent tax law changes and dive into a complex corporate return case study, including discussion of identifying book to tax differences as well as self-review tips.
- 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.
- Corporate structure
- Form 1120 and Schedule M-1 or M-3
- Items for book-tax differences
- Tax accounting methods
- Uniform capitalization rules
- Depreciation: capitalization, gain, loss and recapture
- Carrybacks, carryforwards and credit
- AMT and ACE adjustments