This comprehensive course is designed 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.
Formation of corporation and Section 1244 stock
Income: dividends, interest, rentals, capital gains
Salaries, employee benefits and retirement plans
Economic performance and other deductions
Net operating losses
Personal Service Corporations
Tax rates, AMT, and tax credits
Case studies for tax return preparation
When you complete this course you will be able to:
Identify the benefits of forming a corporation.
Apply the rules for transfer of assets and liabilities to a new corporation.
Review the accounting methods available to a corporation.
Understand reasonable compensation issues with respect to a Closely Held Business
Analyze the best retirement plan recommendation for a corporation.
Recognize economic performance, including issues and deduction limitations related to bad debts, rent, tax, and interest expense.
Determine the availability of tax credits and other entitlements related to retirement plans for a corporation.
Understand the requirements for reporting Schedule M-3 (book/tax reconciliation for large corporations) and Schedule UTP (Uncertain Tax Positions)
Plan for tax efficient use of Corporation Net Operating Losses
Prerequisite: Two to four years of tax experience
Advanced Preparation: None.
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