1120 Preparation and Planning 1: Introduction to Form 1120 (2020 Edition)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
This one hour CPE course provides a refresher on the preparation of corporate income tax returns, an overview of the elements of form 1120, and key requirements and selections.
Presented by Miles Hutchinson.
Publication Date: September 2019
Designed For
Tax practitioners.
Topics Covered
- Refresher on the preparation of corporate income tax returns
- Overview of the elements of form 1120
- Filing requirements
- Information to include on the return
- Requirements if the corporation is a personal service corporation (PSC)
- Tax year requirements
- Method of accounting
- Schedule K
Learning Objectives
- Determine both the nature of the corporate tax return and the role of the preparer in the preparation of the return
- Recognize key filing requirements, including extension options
- Identify the information required on the top of page 1 of Form 1120 as well as on Schedule K, page 3 of Form 1120
- Determine the implications of being a personal service corporation
- Recognize how to access the options for and limitations on selecting an accounting method and tax year for the corporation
- Describe C corporations
- Recognize requests for a change in accounting method
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
