Preparing C Corporation Returns

Summary

This hands-on course is for tax professionals who are looking to expand their practice by preparing C corporation returns. This course presents general tax aspects applicable to domestic C corporations, including line item explanations designed to aid in the preparation of Form 1120, U.S. Corporation Income Tax Return. This course is ideal for individuals who have never completed a Form 1120 before or have very limited experience.

Objectives

Upon completion of this course, you will be able to:

• Identify the advantages and disadvantages of forming a C corporation.
• Identify the tax consequences of forming a C corporation.
• Determine if §351 applies and explain the reporting requirements.
• Recognize the importance of an engagement letter.
• Select a tax year and accounting method to ensure the least amount of tax.
• Complete a basic Form 1120, including Schedules J, L, M-1, and M-2.
• Summarize the dividends received deduction.
• Identify requirements to file Form 1120, including the applicable due dates.
• Compute the shareholder’s stock basis in a C corporation.
• Summarize the taxation of distributions from a C corporation.

Course Details

• Online glossary
• This course includes an e-book. CPE is issued after exam is successfully completed.