Description

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.

Instructor: Michael Frost, CPA

Target Audience

New staff and paraprofessionals involved in return preparation

Course 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

Subjects

Updates throughout regarding the recent HR 1, One Big Beautiful Bill Act

Preparation of a reasonably complicated Form 1120, U.S. Corporation 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!