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Hands-On Tax Return Workshop - C Corporations (Form 1120)
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Description
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This case driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of C- corporation taxation. The cornerstone of this course is the preparation of the Form 1120 using a fairly complex trial balance common to most C-corporation income tax returns.
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Objectives
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Prepare a complete Form 1120 income tax return and related schedules with minimal review points Become familiar with tax law from a tax-form perspective with an emphasis on any newly enacted legislation Become more knowledgeable with the information gathering process (i.e. asking the right questions)
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Highlights
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Using a comprehensive trial balance the participant will prepare the Form1120 and related schedules Income and expense items including specially treated items such as the dividend received deduction, charitable contribution limits and net operating losses Schedule D capital gain and loss rules Form 4797 sale of trade or business property including the ordinary income recapture rules under 1245, 1250 and 291 Schedule L balance sheet presentation issues Schedule M-1 calculation of book to tax reconciliation items (including an overview of Schedule M-3) Schedule M-2 analysis of unappropriated retained earnings Schedule J income tax calculation including estimated tax payments needed to avoid underpayment penalties Earnings and profits (E&P) calculation including the tax treatment of distributions Overview of tax issues relating to personal holding companies (PHC), personal service corporations (PSC) and brother-sister controlled groups
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Designed For
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Tax return preparers, staff accountants and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.
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Recommended
CPE Credits
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8
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Prerequisites
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None
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Event Id / Acronym
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10HOWC
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Course Level
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Basic
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Field(s) of Study
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Taxes
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Producer
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Garverick Province, LLC
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Instructor
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© 2010 Business Learning Institute, an affiliate of MACPA
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