AICPA's 2007 Corporate Income Tax Returns Workshop by Sid Kess

Author/Moderator: Sidney Kess, CPA, J.D., LL.M., and Carolyn R. Turnbull, CPA, MST

Publisher: AICPA

Availability: In Stock

Description

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Description

Give yourself the AICPA advantage with our unique perspective on the latest tax changes including the recent Tax Acts. You'll look at the most recent tax laws and other practical developments affecting corporations and pass-through entities. Consider the real world practical applications designed by national tax experts Sid Kess, Bill Harden and Carolyn Turnbull.

Objectives:

Understand the latest tax developments
Advise clients and employees on the latest tax-planning ideas
Apply recent tax developments and legislative changes for the greatest benefit to your clients

Prerequisite: Basic knowledge of corporate taxation

Accepted for CFP^® credit.

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Chapter 1 - Summary of Major Corporate Tax Developments
- Learning Objectives
- 2007's Key Inflation-Indexed Figures
  - Standard Mileage Rate per Business Mile
  - High Low Per Diem Rates for Business Travel
  - Depreciation Dollar Caps for Business Vehicles (§280F)
  - §179 First Year Depreciation
  - Qualified Plans
- Summary of Major Developments
  - Chapter 2 - S Corporations
  - Chapter 3 - Section 1244 Stock, Formation of a Corporation, Personal Service Corporations, and
  - Limited Liability Companies
  - Chapter 4 - Form 1120
  - Chapter 4 - Inventories
  - Chapter 4 - Accounting Methods
  - Chapter 4 - Installment and Deferred Payment Sales
  - Chapter 4 - Like-Kind Exchanges
  - Chapter 5 - Salaries and Wages
  - Chapter 5 - Expenses vs. Capital Expenditures
  - Chapter 5 - Charitable Contributions
  - Chapter 5 - Casualty and Theft Losses
  - Chapter 5 - Cost Recovery and Depreciation
  - Chapter 5 - Modified Accelerated Cost Recovery System (MACRS)
  - Chapter 5 - Election to Expense Depreciable Business Assets
  - Chapter 5 - Deduction for Domestic Production Activities
  - Chapter 6 - Retirement Plans
  - Chapter 6 - Other Deductions - Economic Performance
  - Chapter 6 - Travel and Entertainment
  - Chapter 6 - Employee Benefit Programs
  - Chapter 6 - Net Operating Loss (NOL) Deduction
  - Chapter 7 - Corporate Tax Credits
  - Chapter 7 - Foreign Tax Credit
  - Chapter 7 - Compliance Matters
Chapter 2 - S Corporations
- Learning Objectives
- Advantages and Disadvantages of S Corporations
  - Advantages of S Corporation Election
  - Disadvantages of S Corporation Election
- Eligibility and S Elections
  - Qualifying as an S Corporation
  - Corporations Ineligible for S Corporation Status
  - Subsidiaries of S Corporations
  - Electing S Status
  - Relief for Late S Elections
- Corporate-Level Taxes Imposed on S Corporations
  - Overview
  - Excess Passive Investment Income
  - Built-In Gains Tax
  - LIFO Recapture Tax
  - Estimated Tax
- S Corporation Pass-Through Treatment
  - Shareholder Deductibility of S Losses
  - Shareholder Stock Basis
  - Treatment of Distributions
  - Allocations upon Changes in Stock Ownership
- Tax Years and Other Compliance Issues
  - Tax Year of S Corporation
  - Termination of S Status
  - Compensation and Fringe Benefits
  - Compliance Matters
Chapter 3 - Section 1244 Stock, Formation of a Corporation, Personal Service Corporations, and Limited Liability Companies
- Learning Objectives
- Section 1244 Stock
  - Overview
  - Eligibility
  - Stock Issuance Rules
  - Tax Planning
  - Exceeding the $1,000,000 Capital Limit
  - Claiming the §1244 Loss
  - NOL Deduction from §1244 Stock§
- Formation of a Corporation
  - Overview
  - Transfer of Assets into a Corporation
  - Transfer of Liabilities into a Corporation
- Personal Service Corporations
  - Overview
  - Personal Service Corporation Tax Benefits
  - Personal Service Corporation Tax Pitfalls
  - Summary of PSC Tax Restrictions
  - Special PSC Rules
- Limited Liability Companies
  - Overview
  - Issues with LLCs
  - Simplification of Entity Classification Rules ("Check-the-Box" Regs.)
Chapter 4 - C Corporations and Items of Income
- Learning Objectives
- Form 1120
  - Book-Tax Reconciliation for Large Corporations (Schedule M-3)
- Inventories
  - FIFO and LIFO Inventories
  - Estimated Shrinkage
  - Capitalizing Inventory Costs
  - Inventory Writedowns
- Accounting Methods and Change of Accounting Method
  - Determination of Proper Accounting Method
  - Cash vs. Accrual Issues
  - Accrual to Cash Conversions: Under $1 Million Gross
  - Accrual to Cash Conversions: Under $10 Million Gross
  - General Change in Accounting Method
  - Change in Accounting Period
- Long-Term Contracts
  - Permissible Accounting Methods
  - Exceptions to the Percentage-of-Completion Method
  - Look-Back Method
- Installment and Deferred Payment Sales
  - Installment Sale Applications
  - Sales to Related Taxpayers
  - Liquidating Distributions of Installment Obligations
  - Electing Out of the Installment Method
  - Property Sold Subject to a Mortgage
  - Unstated Interest
  - Sale of an Installment Obligation
  - Reporting of Installment Sales
- Capitalizing Construction and Development Costs
  - General Rules
  - Capitalization of Interest
  - Capitalization Rules for Farmers
- Dividend Income
  - Dividends-Received Deduction
  - Distributions of Appreciated Property
  - Extraordinary Dividends
  - Stock Dividends and Stock Rights
  - Impact of Earnings and Profits on Dividend Taxability
- Interest Income
  - Tax-Exempt Bonds
  - Original Issue Discount (OID)
  - Inflation-Indexed Bonds
  - Amortization of Bond Premium
- Rental Income
  - Lease Payments
  - Lease Cancellation Payments
  - Passive Activity Status
- Tax Treatment of Discharge of Debt
  - Discharge of Indebtedness
  - Qualified Real Property Business Indebtedness (QRPBI)
- Accrual of State Tax Refund
- Capital Gains and Losses
  - Ordinary vs. Capital Transactions
  - Deducting Capital Losses
  - Rollover of Gain from Sale of Publicly Traded Securities
- Sales of Business Property
  - §1231 Assets
  - Depreciation Recapture
  - Summary of Depreciation Recapture Rules for Corporations
  - Depreciation Recapture and Installment Sales
  - Sales Between Related Taxpayers
- Involuntary Conversions and Like-Kind Exchanges
  - Involuntary Conversions
  - Like-Kind Exchanges
Chapter 5 - C Corporation Items of Deduction
- Learning Objectives
- Salaries and Wages
  - Overview
  - Severance Payments
  - Reasonable Compensation
  - Limit on Deduction for Executive Pay Over $1 Million
  - Golden Parachute Payments
  - Interest-Free or Below Market Interest Rate Loans as Compensation
  - Housing Assistance
  - Incentive Stock Options (ISO)
  - Nonqualified Stock Options (NQSO)
  - Nonqualified Deferred Compensation Plans
- Expenses vs. Capital Expenditures
  - Repairs
  - Intangible Capitalization
  - Treatment of Environmental Expenditures
  - Other Capitalization Issues
  - Proposed Regulations on Capitalization of Repairs and Tangible Property Expenditures
- Bad Debts
  - Alternative Charge-off Methods
- Rent Expense
  - Overview
  - Increasing or Decreasing Rents
  - Leased Computer Software
- Tax Expense
  - Overview
  - Sales Tax as Part of Property Cost
  - Real Estate Taxes
  - State Income Taxes and Refunds
- Interest Expense
  - Interest When Carrying Tax Exempt Securities
  - Prepaid Interest
  - Capitalizing Interest
  - Allocation of Interest Expense among S Corp. Expenditures
  - Related Taxpayers
- Charitable Contributions
  - Overview
  - Property Contributions
  - Special 2½ Month Rule for Accrual Corporations
  - Donee Acknowledgment and Required Substantiation
- Casualty and Theft Losses
  - Overview
  - Measuring Casualty Losses
  - Theft Losses
  - Claim for Reimbursement of Loss
  - Disaster Losses
  - New York Liberty Zone Tax Incentives
  - Gulf Opportunity Zone Tax Incentives
- Amortization
  - Overview
  - Research and Experimental Expenditures
  - Corporate Organizational Expenditures
  - Amortizable Bond Premium
  - Lease Acquisition Costs
  - Business Start-Up Costs
  - Franchises, Trademarks, and Trade Names
  - Goodwill and Intangible Property
- Cost Recovery and Depreciation
  - Depreciation Systems
  - Leasehold Improvements
  - Income-Forecast Method of Depreciation
  - Capitalization of Minor Cost Assets
  - Tax-Exempt Entity Leasing
  - Demolition Expenses
- Modified Accelerated Cost Recovery System (MACRS)
  - Overview
  - MACRS Recovery Periods
  - Residential and Nonresidential Real Property
  - Percentage Tables Used for MACRS Calculations
  - Correction of Depreciable Class Life
  - Applicable Depreciation Conventions
  - Alternative Depreciation System
  - 30% and 50% First Year Bonus Depreciation
  - Recovery Periods for Short Tax Years
  - General Asset Accounts
  - Luxury Autos
  - Leased Automobiles
- Election to Expense Depreciable Business Assets
  - Overview
  - Qualifying Property
  - Making the Election
  - Calculating the Deduction
  - Deduction Limits
  - $25,000 Vehicle Limit
  - Recapture of ~§~179 Expensed Amounts
  - Effect of Expensing on Corporate Earnings and Profits
  - Energy Efficient Commercial Building Expensing
- Deduction for Domestic Production Activities
  - Overview
  - Eligible Production Income
  - The Wage Limitation
  - Eligibility Issues
  - Puerto Rico Part of U.S. for the PAD
  - Other PAD Changes Now Effective
  - Regulations for §199 - Online Software and Cooperatives
  - Calculating QPAI at Entity Level
  - Use of Statistical Sampling with §199
  - Other Proposed §199 Rules
Chapter 6 - C Corporations Other Items of Deduction and Passive Activity Loss
- Limitations
- Learning Objectives
- Retirement Plans
  - SIMPLE Retirement Plans
  - Qualified Plans
  - Nondiscrimination and Other Rules for Qualified Plans
  - Additional Requirements for a Qualified Pension, Profit-Sharing, or Stock Bonus Plan
  - "Cash or Deferred" Profit-Sharing Plans - §401(k) (CODAs)
- Other Deduction Items
  - Timing - Economic Performance
  - "At-Risk" Limitation on Deducting Losses
  - Bribes, Kickbacks, Fines, Etc.
  - Lobbying Expenses
  - Advertising Expenses
- Travel and Entertainment
  - Limits on Deductions for Meals, Travel, and Entertainment
  - Certain Travel Expense Limitations
  - Foreign Conventions
  - Entertainment Facilities
  - Substantiation Requirements for Away-from-Home Travel and Entertainment Expenses
  - Reimbursements of Employee Business Expenses
- Employee Benefit Programs
  - Fringe Benefits
  - Medical Savings Accounts (MSAs)
  - Health Savings Accounts (HSAs)
  - Tax Relief and Health Care Act HSA Modifications
  - Accident and Health Plans
  - Health FSA and HRA Rollovers to HSA
  - Cafeteria Plans
  - Employee Achievement Awards
  - Dependent Care Assistance to Employees
  - Educational Assistance Program
  - Group-Term Life Insurance
  - Split-Dollar Life Insurance
- Net Operating Loss (NOL) Deduction
  - Overview
  - Computing an NOL
  - NOL Carryover Periods
  - Foregoing NOL Carryback
  - Amount of NOL Deduction
  - Intervening Year Adjustments
  - AMT NOL Computation
  - Capital Losses
  - Specified Liability Losses
  - Form 1139 Carryback Form
  - Loss Limitation Due to Change in Ownership
- Limitation On Passive Activity Losses
  - Overview
  - Closely Held C Corporations
  - Passive Activity Rules Affecting Corporations
  - Disposition of a Passive Activity
  - Passive Activity Credits
  - Significant Participation
  - Material Participation
  - Treating Self-Charged Items of Income and Expense
  - Pass-Through Entities
  - Relief from PAL Rules for Real Estate Professionals
Chapter 7 - C Corporations Tax Credits, Multiple Corporations, Corporate Taxes and
- Compliance Matters, and Alternative Minimum Tax
- Learning Objectives
- Corporate Tax Credits
  - Organization of Tax Credits
  - Jobs Tax Credits
  - Tax Credit for Increasing Research Activities
  - Employer-Provided Child Care Credit
  - New Retirement Plans Credit
  - Low-Income Housing Credit
  - Disabled Access Credit
  - Empowerment Zone Employment Credit
  - Employer Social Security Credit on Tips
  - Home Contractor Energy Credit
  - Alternative Motor Vehicle Credit
- Multiple Corporations
  - Limitation on Multiple Tax Benefits
  - Other Related-Corporation Rules
- Foreign Tax Credit
  - Overview
  - Limitations on Foreign Tax Credit
  - Foreign Taxes Eligible for Credit
  - Period to Elect Deduction or Credit of Foreign Taxes
- Corporate Penalty Taxes
  - Personal Holding Company Tax
  - Accumulated Earnings Tax
  - Corporate Distributions at a 15% Dividend Rate
  - Eliminating S Corporation AE&P
- Corporate Taxes and Compliance Matters
  - Income Tax Return Preparer Changed to Tax Return Preparer
  - Payments and Penalties
  - Interest on Underpayments and Overpayments
  - Estimated Tax
  - Corporate Tax Rates
- Alternative Minimum Tax (AMT)
  - Calculating Corporate AMT
  - Minimum Tax Credit (MTC)
  - 90% Limit on AMT Foreign Tax Credit Repeal
Chapter 8 - Ethics Focus: Taxation
- Ethics Overview
- Recent Developments
- Spotlight on Independence in Tax Services
- Key Ethical Dilemmas and Judgment Calls
- Addressing Ethical Dilemmas
- Available Resources
Chapter 9 - Latest Developments

735212

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NASBA Field of Study: Taxes

Level: Update

Recommended CPE Credit: 16

Important Information on Your CPE Credit

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