Preparing C Corporation Returns Self-Study

Summary

This course is ideal for individuals who have never prepared a Form 1120, U.S. Corporation Income Tax Return, before, or have very limited experience. First, you’ll learn the general tax aspects applicable to domestic C corporations, so you’ll have a foundation when assisting clients with business decisions. Then, using line-by-line item explanations, you’ll learn how each entry aids in the preparation of Form 1120.

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.