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Continuing Education

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MASTERING TAX PREPARATION FOR C CORPORATIONS
464 pages + optional open-book final exam

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Members pay $59
Non-members pay $69

Section 1: Overview of the 1120. How the 1120 and related forms work. Key financial statement and backup data.

Section 2: Gross income. How income from operations, interest and other sources is taxed. Special deductions.

Section 3: Business property sales. Taxable gains/losses on sales of personal property v. on real estate. Completing the 4797.

Section 4: Schedule D: Sale/exchange of capital assets. Ordinary v. capital gains/losses. Carryback v. carryforward losses.

Section 5: Deducting business expenses. Compensation, auto, utilities, supplies, repairs/maintenance, rent, miscellaneous.

Section 6: Computing COGS for tax purposes. Completing Schedule A line by line. Introduction to uniform capitalization rules.

Section 7: Deducting T & E, meal, gift expenses. Reimbursed expenses v. per diem allowances and standard mileage rates. Gifts.

Section 8: Reporting retirement and benefit plans. Reporting defined benefit v. defined contribution plans. Reporting fringes.

Section 9: Deducting interest expense. Timing deductibility. Nondeductible interest. How to capitalize interest for capital loans.

Section 10: Deducting other taxes. Maximizing real estate, personal property, income, payroll and sales taxes.

Section 11: Deducting bad debt expense. When a debt is partially v. totally "worthless." When bad debts are recovered.

Section 12: Deducting charitable contributions. Cash v. noncash contributions. Deduction limits and carryforwards.

Section 13: Deducting depreciation/amortization. Handling Sec. 179, and MACRS, ACRS and other methods. Amortizing various costs and intangibles. How to prepare the 4562.

Section 14: Computing income tax (Schedule J). C corporations, PSCs, other corporations. The AMT, recapture and other taxes.

Section 15: How to prepare Schedules L, M-2 and K. Line-by-line instructions with clear, realistic examples.

Section 16: How to prepare Schedule M-1. Reconciling differences between book and taxable income.

Section 17: Your C corporation's demographic information. A quick primer on filing key facts about the corporation.

Section 18: Net operating losses (NOLs). How to report NOLs during the 3-year carryback or 15-year carryforward period.

Section 19: Complete an entire 1120, 4562 and 4797. Apply the full course using a company's financial data for 1 year.

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