Corporate Income Tax Return Fundamentals 2024

Overview

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.

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

Prerequisites

None

Designed For

CPAs, tax preparers and attorneys.

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