Previously titled: AICPA's 2012 Corporate Income Tax Returns Workshop by Sid Kess
This is a comprehensive course geared to guide practitioners through the numerous concepts and rules applicable to income tax accounting, tax return positions and disclosures for C Corporations and S Corporations.
- S Corporation Qualifications and Election
- C Corporation IRC Section 1244 Stock
- Cash and Accrual Accounting Methods
- Revenue Recognition Methods
- Expensing Versus Capitalization Rules
- Dividends, Interest, and Other Income
- Employee Benefit and Retirement Plans
- Net Operating Losses
- Passive Activities and At-Risk Limitations
- Tax Credits
- Tax Return Disclosures
- Sale of Properties
- Other Taxes: AMT, Accumulated Earnings Tax, Personal Holding Company Tax
- Tax Payments and Penalties
- Identify tax consequences of transferring appreciated property and liabilities to a corporation.
- Describe the accounting methods available to a corporation.
- Differentiate reasonable compensation issues with respect to a C Corporation and S Corporation shareholder-employees.
- Explain retirement plan options for corporate shareholder-employees.
- Discuss economic performance, focusing on the requirements for deduction of bad debt, rent, tax, and interest expenses.
- Identify tax credits available to corporate taxpayers.
- Analyze situations in which corporations may be subject to penalty taxes.
- Apply the insolvency exclusion for corporations realizing cancellation of indebtedness income.
Prerequisite: Three to five years of tax experience
Advanced Preparation: None