Taxation of Corporations - Tax Staff Essentials
Overview:
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Understand taxation of corporations
Gain an understanding of the numerous concepts and rules applicable to income tax accounting, tax return positions, and disclosures for C corporations and S corporations in this self-study course.
Gain practical advice on the accounting methods available to a corporation.
This course provides CPE credit in the Taxation field of study.
Objectives:
Learning Outcomes
- Apply the economic performance rules for tax deductibility.
- Recognize deduction recognition issues related to amortization.
- Calculate the corporate net operating loss (NOL) deduction
- Recognize which items of income and expense are used to make the adjusted current earnings (ACE) adjustment.
- Identify items of income and deduction that may affect the AMT calculation (for tax years beginning before December 31, 2017).
- Calculate the small employer health insurance credit and explain its applicability.
- Identify various business tax credits available to corporations.
- Recognize the advantages and disadvantages of a parent-subsidiary or brother-sister group of corporations.
- Identify issues related to intragroup transactions.
Major Topics:
Key Topics
- Formation of corporations
- Section 1244 stock
- Accounting methods
- Income: dividends, interest, rentals, capital gains
- Bad debts, rent, taxes, interest, charitable contributions, and casualty losses
- Prohibited payments, lobbying, travel, and entertainment
- Net operating losses
- Schedule M-3: Reporting Tax Differences
- Minimum tax credit, AMT, ACE, and tax credits
- Multiple corporations - controlled groups
Designed For:
Who Will Benefit
- Tax professionals in public accounting: seniors, supervisors, and managers