1120 Preparation and Planning 4: Deductions-Part 2 (2026 Edition)

Author: Barbara Weltman, Greg White

This 2 hour 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 2025 that were made by the One Big Beautiful Bill Act of 2025 (OBBB Act) and other legislation, court cases, and IRS pronouncements. These changes impact 2025 tax year returns that will be filed during the 2026 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2026 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2025 tax returns for the 2026 filing season.

Publication Date: October 2025

Designed For
Tax Practitioners

Topics Covered

• Advertising
• Retirement Plans
• Deferred Compensation Plans Health Plans
• Employee Benefits
• HRAs
• QSEHRAs
• ICHRAs
• EBHRAs
• FSAs
• COBRA
• Group-Term Life Insurance
• Dependent Care Assistance
• Other Employee Benefits
• Meals and Lodging
• Cafeteria Plans
• Nondeductible Costs
• Other Deductions
• Net Operating Losses (NOLs)

Learning Objectives

• Describe how to handle advertising expenses
• List retirement plan options and requirements
• Determine contribution limits for qualified retirement plans
• Identify retirement plan penalties
• List tax-free fringe benefits
• List health care options that employers can offer
• Describe how to handle employees’ personal use of company vehicles
• Identify stock options
• List “other deductions”
• Identify travel and meal costs
• 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