Form 1120: Reporting Corporate Income Taxes
1 hour 40 minutes
Gain a better understanding of the fundamental tax concepts of corporations including M adjustments and Form 1120.
U.S. accounting and tax rules are not always the same for reporting corporate income taxes. Form 1120 is used to report many tax issues and disclosures other than the tax on profit and losses. In some cases, the tax disclosure is different due to different methods and limits on income tax reporting. For tax purposes, differences are reported on Schedule M-1 and M-3 to highlight those tax categories. Some differences exist due to tax changes created in the TCJA of 2017 and the CARES Act of 2020. This topic will provide you with an overview of the current corporate tax issues reported for businesses, including reconciling the differences between book and tax income and expenses. The range of topics will include tax elections and methods, changes in income tax rates, and changes in historical income tax deductions and benefits created by the TCJA of 2017 and the CARES Act of 2020.
• You will be able to identify accounting and tax rules which create differences in reporting corporate tax.
• You will be able to review U.S. tax compliance issues and requirements for recent changes in tax forms.
• You will be able to explain U.S. benefits and alternatives for choosing a C corporation as a business entity.
• You will be able to recognize year-end strategies and deadlines that will create tax benefits and manage tax reporting issues.