Objective
- Develop an understanding of basic preparation principles which affect all business entities
- Learn in detail about the preparation of a Form 1120, and Schedule M-1
- Understand the proper treatment of trial balance entries into Form 1120
Highlights
- Preparation by hand 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 many adjustments in reconciling book income to tax income, and items preparation staff may look for on all business returns
- The current rules regarding depreciation deductions, including the expensing elections of §179, the first-year requirements of §168, the standard MACRS depreciation rules, plus the overall limitations on luxury automobiles
- Methods of accounting -- Application and choices
- In-depth analysis of Form 4797 dealing with the sale of business property and depreciation recapture
- Deductible expenses -- including rules on meals and entertainment
- Computation of tax liability, including alternative minimum tax
- Overview of many common business deductions; which are deductible and which are M-1 items?
- How to practically handle uniform capitalization and inventory accounting for a small manufacturing concern
- The manufacturers deduction for domestic production, including small business safe harbors
- And much more
Designed For
New staff and para-professionals involved in return preparation