Corporate Income Tax Return Fundamentals

Overview

CPAs are often placed in positions that require difficult decisions. This course introduces new case studies that highlight issues related to handling ethical crises. From audit to tax and from staff to partner, dive deep into high-profile conflicts such as Wells Fargo, Google, and Turing Pharmaceuticals, as well as other conflicts that never make headlines. What would you do if you worked for such a company? What would you do if faced with a compromising position? Acquire the tools to help you choose between alternative solutions. Note : The minimum passing rate for this course is 70%. The course was originally presented on May 1, 2018. This course fulfills the California Board of Accountancy’s four-hour ethics education requirement and is eligible for the Ethics4Free. Learn more .

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.

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

Preparation

None.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.