Gain a better understanding of the fundamental tax concepts of corporations including M adjustments and Form 1120.
U.S. accounting and tax rules are not always the same for reporting corporate income taxes. Form 1120 is used to report many tax issues and disclosures other than the tax on profit and losses. In some cases, the tax disclosure is different due to different methods and limits on income tax reporting. For tax purposes, differences are reported on Schedule M-1 and M-3 to highlight those tax categories. Some differences exist due to tax changes created in the TCJA of 2017 and the CARES Act of 2020. This topic will provide you with an overview of the current corporate tax issues reported for businesses, including reconciling the differences between book and tax income and expenses. The range of topics will include tax elections and methods, changes in income tax rates, and changes in historical income tax deductions and benefits created by the TCJA of 2017 and the CARES Act of 2020.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Accounting for Corporate Tax
- Definitions and Terms
- Recordkeeping Requirements
- Reporting Book/Tax Differences
- Impact of Methods of Accounting
Identifying Tax Elections and Benefits
- New Tax Rules for Small Businesses
- Tax Issues and Rates for Categories of Business
- Depreciation Impact on Income Tax
- Taxable Exchanges and Inventory Issues
- Nontaxable Income and Net Operating Losses
Identifying Tax Changes From TCJA and Cares Act
- Categories of Expenses May Be Nondeductible
- Interest Expense May Have Limitations
- Paycheck Protection Program and COVID-19 Issues
- Tax Forms Added to Disclose Tax Information
- Foreign Income May Have Credits/Rate Differences
Top Examples and Cases of Corporate Tax Reporting
- Classic New Business With Losses/Startup Issues
- Adding Investors and Capital Contributions
- Compensation vs. Dividend Taxation
- Consolidation of Parent and Subsidiaries
- Mergers and Acquisition Transactions
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 23, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Thomas M. Kosinski, C.P.A., M.S.T.
Ostrow Reisin Berk & Abrams, Ltd.
- Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
- Offers more than 30 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
- Provides specialized tax planning services to his clients, which include high-net-worth individuals and business entrepreneurs
- Advises on federal and state tax planning and tax compliance issues for real estate clients and businesses
- Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
- Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
- M.S. Degree in taxation; B.S. Degree in accounting, summa cum laude, DePaul University
- Can be contacted at 312-670-7444 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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