Corporate Income Tax Return Fundamentals Part 2 2024

Overview

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 a discussion of identifying book-to-tax differences and 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. This is Part 2 of a 2-part series. Be sure to register for both.

Highlights

• 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 return

Prerequisites

None

Designed For

CPAs, tax preparers and attorneys.

Objectives

• 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

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.