This 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.
Publication Date: September 2022
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
- Identify on who the burden of proof is on to prove otherwise if the IRS contests a salary payment as unreasonable
- Identify the deduction of up to what amount is allowed each year for the removal of architectural and transportation barriers for handicapped and elderly individuals
- Identify up to what percent licenses and regulatory fees generally are deductible to the extent they are reasonable
- Identify on which IRS form depreciation is first figured on
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Sidney Kess
Sidney Kess, Esq., CPA, JD, LLM, Of Counsel, Kostelanetz & Fink, LLP, New York, NY is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 50,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education. Mr. Kess is consulting editor of CCH Incorporated’s Financial and Estate Planning Repoorter. Mr. Kess was chairman of the advisory board of Tax Hotline and is a member of the PPC Tax Action Panel. He has edited a column on “Tax Tips” for the New York Law Journal for the past 43 years. Mr. Kess edits the AICPA’s CPA Client Bulletin and CPA Client Tax Letter. He is Executive Editor of CPA Magazine. He has also written hundreds of AICPA tax workshops, audio and video programs, and is the recipient of the AICPA Distinguished Lecturer Award. Mr. Kess is often quoted in The Wall Street Journal, The New York Times, and other national publications. He was included in Accounting Today’s “100 Most Influential CPAs in the U.S.” for several years as well as CPA Magazine’s “Most Influential CPAs in the U.S.” Mr. Kess was the National Director of Tax at KPMG Main Hurdman and a tax partner at KPMG Peat Marwick. Mr. Kess is the recipient of the AICPA’s “Special Recognition Award” for his many years of contributions to the AICPA’s continuing professional education program, received the 2011 AICPA Gold Medal Award for Distinguished Service to the Accounting Profession, which is the highest award in the industry, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils for his distinguished service to the field of estate planning. The AICPA established the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Sidney Kess was the first recipient of this Award. Mr. Kess was inducted into the New York State Society of CPAs’ Hall of Fame. He received his JD from Harvard University School of Law, LLM from New York University Graduate School of Law, and BBA from Baruch College.
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.