1120 Preparation and Planning 3: Deductions-Part 1 (2025 Edition)
Author: Greg White, Barbara Weltman
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
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 course provides a refresher on the preparation of corporate income tax returns. This is the third in a series on Form 1120 preparation, focusing on deductions.
The course reflects the extensive changes effective for 2024 that were made by legislation, court cases, and IRS pronouncements. These changes impact 2024 tax year returns that will be filed during the 2025 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2025 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2024 tax returns for the 2025 filing season.
Publication Date: October 2024
Designed For
Tax Practitioners
Topics Covered
- Compensation
- Reduction for Employment Credit
- Worker Classification
- Sec. 530 Penalty Relief
- Withholding and Depositing Employment Taxes
- Repairs and Maintenance
- Bad Debts
- Specific Charge-Off Method
- Rents
- Leased Vehicles
- Taxes and Licenses
- Interest Expense
- Charitable Deductions
- Depreciation and Depletion
- First-Year Expensing
- Vehicles
- Amortization
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 the form used first to calculate depreciation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
