C Corporation Tax Workshop (Basic)

General Description:

The program will review the rules and forms necessary for the filing of the corporate income tax return, including calculation of taxable income. The primary focus is on a C corporation, but the program will also discuss how many of the same rules apply to an S corporation.

Learning Objective:

After completing this course the participant will be able to:

• Advise a client on the basic factors that should be considered when choosing the preferred way to operate a trade or business, including check-the-box provisions.
• Describe procedures for filing corporate tax returns, including penalties for nonfiling, estimated tax payments, extension requests, and penalties for underpayment of estimated tax.
• Illustrate the problems encountered with the formation of a corporation.
• Determine the required taxable year end and evaluate the §444 election for professional corporations.
• Identify the basic methods of accounting and restrictions on methods of accounting as well as procedures for changing from an incorrect to a correct method of accounting.
• Calculate corporate taxable income, including:
• Dividends received deduction;
• Capital losses and charitable contributions;
• Organization expenditures;
• Economic performance test as it applies to an accrual basis taxpayer;
• Capitalization of intangibles and capitalization of tangibles -- repairs vs. capital expenditures;
• Depreciation provisions, including short-year depreciation, amortization of intangibles, and qualified improvement property;
• Net operating losses and filing of amended returns.
• Calculate corporate tax liability, reconciliation of book to taxable income using Schedule M-1, and review of Schedule M-3.
• Summarize common problems for closely held corporations.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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