Preparing C Corporation Returns Self-Study

Summary

This introductory, hands-on course is for tax professionals looking to expand their practice by preparing C corporation returns. It is ideal for individuals who have never completed a Form 1120 before or have very limited experience. You’ll learn about the 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.

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

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.