1120 Preparation and Planning 4: Deductions-Part 2 (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 fourth in a series of courses on Form 1120 preparation, focusing on certain 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
- Advertising
- Retirement Plans
- Nonqualified Deferred Compensaion Plans
- Deferred Compensation Plans
- Employee Benefits
- Other Deductions
- Nondeductible Costs
- Net Operating Losses
Learning Objectives
- Describe how to handle advertising expenses
- Identify contribution limits for qualified retirement plans
- Identify retirement plan penalties
- Describe health care options that employers can offer
- List tax-free fringe benefits
- Describe how to handle personal use of company vehicles
- Recognize nondeductible costs
- Determine how to figure the net operating loss deduction
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
