Description
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.
Presenters - George Alexander Shewchuk
Designed For
Designed For: CPAs, tax preparers and attorneys.
Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director
Objectives
- Understand new tax law and possible opportunities with clients
- 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
- Review case studies throughout the day and how presented in return
- Discuss certain elections
- A brief overview of issues associated with mergers and acquisitions
Highlights
- Corporate structure entity choice comparisons
- Form 1120 and Schedule M-1 or M-3
- Items for book-tax differences
- Tax accounting methods
- 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 returns
Advanced Prep
None
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Leaders
CALCPE Panel
No Biography Available