Corporate Income Tax Return Fundamentals 2024-25

Overview

Preparing corporate income taxes requires a shift in mindset from individual tax preparation and compliance. Learn the concepts and tools necessary to support clients or businesses. Key topics include capitalization, depreciation, carrybacks and major book-to-tax issues involving corporations and Form 1120 preparation. Examine practical spreadsheet approaches that allow practitioners to efficiently and effectively manage book vs. tax differences (M-1 or M-3 items). Cover the impact of new tax law changes with ideas for client consideration. Additionally, dive into a complex corporate return case study, including a discussion of identifying book-to-tax differences and self-review tips. Discuss certain elections and a brief overview of mergers and acquisition issues. Focused on concepts with the presentation in the return, not how to input in return.

Highlights

•  Corporate structure entity choice comparisons
•  Form 1120 and Schedule M-1 or M-3
•  Items for book-tax differences
•  Tax accounting methods
•  Uniform capitalization rules, overview
•  Minor discussion on depreciation: capitalization, gain, loss and recapture
•  Carrybacks, carryforwards and credit
•  Case Study and presentation in return
•  Mergers and Acquisitions impact on the returns

Prerequisites

None.

Objectives

•  Understand new tax law and possible opportunities with clients
•  Identify substantive tax issues involving regular corporations
•  Recognize and identify book to tax differences
•  Recognize gains and losses, Form 4797 and Secs. 1231, 1239, 1245, 1250 and 291
•  Determine a workpaper format and approach to efficiently prepare corporate Form 1120
•  Identify major corporate tax forms, including Form 1120 and related schedules
•  Outline necessary steps to complete a complex sample corporate Form 1120, including workpapers and schedules
•  Review case studies throughout the day and how presented in return
•  Discuss certain elections
•  A brief overview of issues associated with mergers and acquisitions

Preparation

None.