Surgent's Preparing C Corporation Tax Returns for New Staff and Paraprofessionals
Online
8.00 Credits
Member Price $279.00
Non-Member Price $404.00
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.
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
Highlights
- 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!
Designed For
New staff and paraprofessionals involved in return preparation
Prerequisites
None
Preparation
None
Notice
To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange "Launch Event" button.
Leader(s):
Leader Bios
Michael Frost, Surgent McCoy CPE, LLC
Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.
Non-Member Price $404.00
Member Price $279.00