Description
Gain an understanding of planning strategies and deadlines that will create tax benefits and manage tax reporting issues.This topic will provide you with an overview of the current 2021 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 recent tax changes during 2020. With changes in the Congress and White House beginning in 2021, the content will consider changes in corporate tax policy based on current updates for COVID19 relief and corporate tax increases.
Date: 2021-11-22 Start Time: End Time:
Learning Objectives
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 Business
• Tax Issues and Rates for Categories of Business
• Depreciation Impact on Income Taxes
• Taxable Exchanges and Inventory Issues
Identifying Tax Changes From 2020 CARES Act and CA Act
• Net Operating Loss and Excess Loss Benefits
• Interest Expense Deduction Limitations
• Paycheck Protection Program and Tax Issues
• Tax Forms Added to Disclose Tax Information
• Foreign Income Tax Credits/Rate Differences
COVID-19 Issues Update
• PPP Loan Forgiveness Reporting
• Deductible Expenses From PPP Loans
• Employee Retention Credit
• Payroll Tax Deferral
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
AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.
