To guide CPAs and other financial professionals through the maze of issues related to corporate taxation. Emphasis is on both C corporations and S corps.

To guide CPAs and other financial professionals through the maze of issues related to corporate taxation. Emphasis is on both C corporations and S corps.

DETAILED LEARNING OBJECTIVES

• Identify the correct tax return forms for various business entities (e.g., Form 1120 for C Corporations, Form 1120S for S Corporations)

• Distinguish between filing requirements and deadlines for different types of corporations

• Identify shareholder and structural limitations for S Corporations

• Recognize eligibility and filing requirements for S Corporation status

• Recognize when the recurring item exception and one-year deferral rule identify

• Distinguish between temporary and permanent book-tax differences (e.g., fines, meals, depreciation)

• Identify costs subject to capitalization under UNICAP rules

• Determine eligibility for small business and de minimis production exceptions

• Identify  rules for MACRS depreciation, bonus depreciation, and Section 179 expensing

• Differentiate between eligible and ineligible property for Section 179 and bonus depreciation

• Understand placed-in-service rules and conventions used in tax depreciation

• Identify expenses that are deductible versus those that are permanently disallowed (e.g., fines, penalties, certain meals)

• Identify income limitations on deductions such as charitable contributions and Section 179

• Understand the business interest deduction limitation and the small business exemption

• Identify the rules to determine whether interest must be capitalized or limited

• Determine the requirements for filing a consolidated return and the definition of an affiliated group

• Understand the benefits and potential disadvantages of consolidated return filing

• Recognize the Corporate Alternative Minimum Tax (AMT) as reintroduced under the Inflation Reduction Act

• Identify the purpose and application of the Base Erosion and Anti-Abuse Tax (BEAT) for large multinational corporations

• Identify the contested liability doctrine and the requirements for deductibility through escrow or payment

• Identify rules for Net Operating Losses (NOLs) including the 80% limitation

• Identify which costs must be capitalized versus expensed under inventory and production rules

• Recognize the purpose and appropriate use of key tax forms such as Form 4562, Form 3115, Schedule M-1, etc.

• Attributes and tax consequences of C & S corps
• Calculation of taxable income
• Accounting periods and methods
• Timing of inclusion of items of income
• The "All-Events Test"
• Deductions of expenses
• Accrual method
• Uniform Capitalization Rules (UNICAP)
  – Transactions exempt from UNICAP
  – Costs subject to UNICAP
  – Property acquired for resale
• Limitation on business interest expense
• Taxation of stock options
• Depreciation after Tax Reform Act
• Depreciation changes
• Consolidated returns
• Other recent corporate changes