Preparing C Corporation Tax Returns for New Staff and Paraprofessionals (PCTR)

Overview

This course is a great foundation to introduce new preparers to tax rules related to business returns. The course covers tax areas affecting all business entities, providing a solid basis for staff to handle business entity returns. Such business tax topics include the sale of assets used in a trade or business (Form 4797), depreciation (Form 4562), deductible and nondeductible items, and the basics of uniform capitalization. The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare complicated federal corporate income tax returns. It is a hands-on and practical course, with extra emphasis on changes to forms under new tax law.

Major Topics:

• Preparation of a reasonably complicated Form 1120, “U.S. Corporate Income Tax Return,” from trial balance to completed return
• The importance of Schedule M-1, including adjustments in reconciling book income to tax income and items staff may look for on all business returns
• New tax-planning strategies for depreciation deductions, including changes to §179 and first-year depreciation under §168(k) as a result of new tax legislation
• Methods of accounting
• In-depth analysis of Form 4797 dealing with depreciation recapture
• Deductible expenses, including rules on meals and entertainment
• Section 163(j)
• Computation of tax liability
• Overview of common business deductions – deductibility and Schedule M-1
• How to practically handle uniform capitalization and inventory accounting for a small manufacturing concern
• And more!

Learning Objectives:

• Understand basic preparation principles that affect all business entities
• Prepare a detailed Form 1120, including Schedule M-1
• Apply proper treatment of trial balance entries on Form 1120