Corporate Income Tax Return Fundamentals Part 2 2024

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.

Presenters - George Alexander Shewchuk

Designed For: CPAs, tax preparers and attorneys.

Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director

• 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

• 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

None