U.S. accounting and tax rules are not always the same for reporting corporate income taxes. Form 1120 is used to report many tax issues and disclosures other than the tax on profit and losses.
In some cases, the tax disclosure is different due to different methods and limits on income tax reporting. For tax purposes, differences are reported on Schedule M-1 and M-3 to highlight those tax categories.
Some differences exist due to tax changes created in the TCJA of 2017 and the CARES Act of 2020.
This webinar will provide you with an overview of the current corporate tax issues reported for businesses, including reconciling the differences between book and tax income and expenses.
The range of topics will include tax elections and methods, changes in income tax rates, and changes in historical income tax deductions and benefits created by the TCJA of 2017 and the CARES Act of 2020.
What You'll Learn:Accounting for Corporate Tax- Definitions and Terms
- Recordkeeping Requirements
- Reporting Book/Tax Differences
- Impact of Methods of Accounting
Identifying Tax Elections and Benefits- New Tax Rules for Small Businesses
- Tax Issues and Rates for Categories of Business
- Depreciation Impact on Income Tax
- Taxable Exchanges and Inventory Issues
- Nontaxable Income and Net Operating Losses
Identifying Tax Changes From TCJA and Cares Act- Categories of Expenses May Be Nondeductible
- Interest Expense May Have Limitations
- Paycheck Protection Program and COVID-19 Issues
- Tax Forms Added to Disclose Tax Information
- Foreign Income May Have Credits/Rate Differences
Top Examples and Cases of Corporate Tax Reporting- Classic New Business With Losses/Startup Issues
- Adding Investors and Capital Contributions
- Compensation vs. Dividend Taxation
- Consolidation of Parent and Subsidiaries
- Mergers and Acquisition Transactions
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