1120 Preparation and Planning 2: Income (2022 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This on-demand course provides a refresher on the preparation of corporate income tax returns. This is the second in a series of courses on Form 1120 preparation, focusing on income. All of the courses in this series have been fully updated to reflect recent legislative changes. It will provide participants with a solid foundation in preparing corporate income tax returns.

This is the second in a series of courses on Form 1120 preparation, focusing on income.

Publication Date: September 2021

Designed For
Tax practitioners.

Topics Covered

• Introduction
• Business Income
• Other Income
• Schedules M”1, M”2, and M”3

Learning Objectives

• Determine both the nature of the corporate tax return and the role of the preparer in the preparation of the return
• Recognize key filing requirements, including extension options
• Identify the information required on the top of page 1 of Form 1120 as well as on Schedule K, page 3 of Form 1120
• Determine the implications of being a personal service corporation
• Identify and assess the options for and limitations on selecting an accounting method and tax year for the corporation
• Recognize what triggers reportable income
• Identify which corporation is not exempt from the UNICAP rules
• Recognize how eligible gain on the sale is reported
• Identify when a corporation must complete Schedules M-3 for 2021

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None