Taxation of Corporations - Tax Staff Essentials

Weighing the pros and cons of corporate taxation

There's not a singular tax status or legal structure that suits every entity. In this course, you'll discover the benefits and drawbacks of the corporation form related to the following topics, among others:

• Ownership structure
• Accounting methods
• Entity formation
• Deduction limitations
• Taxation of shareholders
• Corporate groups

Filled with tax planning ideas

Corporations of all sizes benefit from engaging in tax planning. Whether you're serving corporate clients or supporting a corporation's tax department, you'll find a trove of tax planning tips for the following concepts:

• Section 1244 stock
• Net operating losses (NOL)
• Charitable contributions
• Transfer pricing

Updated for H.R. 1 and the latest in corporate taxation

Materials cover developments in corporate taxation, including:

• Direct expensing of domestic research and experimental expenditures
• New, updated, and expiring tax credits
• Changes to the interest deduction limitation under Section 163(j)
• 1% floor on charitable contribution deductions
• 100% bonus depreciation and qualified production property deduction
• Expansion of Section 179 expensing
• Other updates from H.R. 1, commonly referred to as OBBBA

Part of Tax Staff Essentials Level 2

This self-study online course is part of Tax Staff Essentials Level 2, a comprehensive learning program that provides experienced tax staff with the technical training required to gain independence.

This course can be purchased individually or as part of the Tax Staff Essentials Level 2 bundle.

Who Will Benefit

• Tax seniors, supervisors, and managers in public accounting
• Mid-level tax professionals working for or with corporate entities

Key Topics

• Formation of corporations
• Section 1244 stock
• Accounting methods
• Income: dividends, interest, rentals, capital gains
• Bad debts, rent, taxes, interest, charitable contributions, and casualty losses
• Prohibited payments, lobbying, travel, and entertainment
• Depreciation and amortization
• Net operating losses
• Schedules M-1 and M-3
• Tax credits

Learning Outcomes

• Analyze the tax-saving opportunities and requirements with respect to Section 1244 stock.
• Determine whether a corporation is required to use the accrual method of accounting for tax purposes.
• Apply the rules for stock dividends.
• Determine the deductibility of casualty losses.
• Identify the limitations and substantiation requirements regarding deductions for meals, travel, and entertainment.
• Identify reporting requirements for Schedule UTP, Uncertain Tax Position Statement.
• Identify various business tax credits available to corporations.
• Identify issues related to intragroup transactions.