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Form 1120: Reporting Corporate Income Taxes

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.

103 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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 Business
  • 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 35 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 December 4, 2020.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 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.

Thomas M. Kosinski, C.P.A., M.S.T.

Ostrow Reisin Berk & Abrams, Ltd.

  • Member of the Tax Department at Ostrow Reisin Berk & Abrams, Ltd., since 1994, and became a director in 2001
  • Frequent speaker with the Illinois CPA Society covering Federal and State Tax Updates, IRS matters, individual and corporate tax compliance, and flow-through income tax strategies
  • Offers more than 25 years of experience providing strategic 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
  • Has significant industry experience including real estate and commodities/securities
  • Researches and implements a wide range of federal and Illinois tax strategies, and represents numerous Illinois taxpayers during IRS and Illinois Department of Revenue audits
  • Consults with firm clients on state and local taxation issues and manages firm issues relating to international taxation
  • Assists U.S.-based entities in planning for foreign operations as separate entities, branches, or divisions
  • Active member and a former president of the Illinois CPA Society Chicago South Chapter and a member of the American Institute of Certified Public Accountants
  • Contributing author for a tax newspaper column and previously a co-author for a tax savings publication for individual taxation
  • Master’s degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
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Over 35 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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Product ID: 407858
Published 2020
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