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. Although the Inflation Reduction Act of 2022 was passed to make some changes in corporate taxes, additional proposals are being considered to change corporate rates and impact foreign income.

This program will provide participants 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

• Tax Issues for Small Businesses
  
• Depreciation Rules for Corporations
  
• Taxable Exchanges and Inventory Issues
  
• Nontaxable Income and Net Operating Losses

Identifying Tax Changes From TCJA and CARES Act

• Permanent Tax Changes From TCJA
  
• Corporate Update From CARES Act
  
• Tax Forms Added for Disclosure Information
  
• Foreign Income and Tax Credits

Top Examples and Cases of Corporate Tax Reporting

• New Business With Losses and Startup Issues
  
• Adding Investors and Capital Contributions
  
• Compensation and Dividend Taxation
  
• Consolidation of Parent and Subsidiaries
  
• Mergers and Acquisition Transactions