1120 Preparation and Planning 3: Deductions-Part 1 (2024 Edition) (Currently Unavailable)

Author: Greg White, Barbara Weltman

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This on-demand 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. The course will provide participants with a solid foundation in preparing corporate income tax returns. All of the courses in this series have been fully updated to reflect recent legislative changes.

Publication Date: February 2024

Designed For
Tax Practitioners

Topics Covered

• Compensation
• Repairs and Maintenance
• Bad debts
• Rents
• Taxes and Licenses
• Interest Expense
• Charitable Deductions
• Depreciation and Depletion

Learning Objectives

• Identify the information on Form 1125-E
• List limitations on deducting compensation
• Identify factors taken into account in determining whether a worker is an employee or independent contractor
• Recognize how to distinguish between ordinary repairs and capital expenditures
• Determine the applicable rule for writing off the cost of machinery and equipment
• Identify which factors are used to determine whether compensation is reasonable
• Recognize when a bonus may be deducted
• Describe true statements with respect to deducting bad debts
• Describe limitations and requirements for deducting charitable contributions
• Describe depreciation rules and the Sec. 179 deduction
• Recognize which costs do not qualify for amortization

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None