1120 Preparation and Planning 3: Deductions-Part 1 (2020 Edition)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This on-demand course provides a refresher on the preparation of corporate income tax returns. It is designed to orient the practitioner with the latest changes in the field of taxation. This is the third in a series on Form 1120 preparation, focusing on deductions.
This is the third in a series of courses on Form 1120 preparation. All of the courses in this series have been fully updated to reflect recent legislative changes. This courses focuses on deductions and will provide participants with a solid foundation in preparing corporate income tax returns.
Presented by Miles Hutchinson.
Publication Date: September 2019
Designed For
Tax practitioners.
Topics Covered
- Compensation
- Repairs and maintenance
- Bad debts through Charitable Deductions
- Depreciation and Depletion
Learning Objectives
- Detail the information on Form 1125-E
- List limitations on deducting compensation
- Distinguish between ordinary repairs and capital expenditures
- Determine the applicable rule for writing off the cost of machinery and equipment
- Recognize when Form 1125-E must be completed
- Identify which factors are used to determine whether compensation is reasonable
- Recognize when a bonus may be deducted
- Identify factors taken into account in determining whether a worker is an employee or independent contractor
- Recognize correct statements for purposes of repairs versus capital improvements
- Describe which tax deductions a corporation may take
- Identify correct statements concerning the annual amount of charitable deductions by C corporations
- Recognize up to what amount a corporation may expense the cost of equipment
- Identify correct statements with respect to compensation of offficers
- Recognize types of costs deductible as repairs and maintenance on line 14 of Form 1120
- Describe deducting bad debts
- Identify currently deductible types of rental payments
- Recognize correct statements with respect to substantiation for charitable contributions
- Recognize correct statements with respect to depreciation
- Describe bonus depreciation
- Recognize correct statements regarding depletion
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
