C Corporations carry unique blessings and curses all their own. Tax law affecting C Corps continues to change. Join Bradley Burnett, J.D., LL.M., as he gets you up-to-date with what you need to know to plan now and face the coming year.
Publication Date: December 2022
Designed For
Return preparers, tax planners, and taxpayers desiring to keep up with law changes affecting C Corps.
Topics Covered
- 2022 Federal Tax Update for C Corps
- Tax Cuts Jobs Act (TCJA) Corporate Income Tax Rates
- Proposed Legislation H.R. 5376 Did Not Pass into Law
- 2021 IRS Data Book
- 2022 IRS Form 1120
- Inflation Adjusted Amounts for 2022, 2023 Notice 2022-55
- IRS Standard Mileage Rates
- Inflation Adjusted Amounts 2022 and 2023 Fringe Benefit and Qualified Plans
- Health Savings Account (HSA) Contribution Limits
- Delay in Deposit of Employment Taxes
- New Corporate Minimum Tax
- 1% Excise Tax on Repurchases of Corporate Stock
- C Corp Reasonable Comp of Employee Owner
- Management Fees Don't Fly Unless Structured Correctly
- C Corp Owner Compensation
- Action Item Adjustments to Income Tax Return
- TCJA (Tax Cuts Jobs Act) Expiration Dates
- Research and Development Expenses Capitalize / Amortize Beginning in 2022
- §163(j) Business Interest Expense Limit
- Net Operating Losses Reporting and Proof
- Effect of Runaway Inflation on Taxes
Learning Objectives
- Identify and apply new developments affecting C Corps
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of C Corporations.
Advance Preparation
None
Instructor
Bradley Burnett
Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.