Lesson 1Federal corporate tax rate setup, tax calculation process, and estimated tax paymentsIt describes the fixed federal corporate tax rate, methods to figure out taxable income from accounting income, applying credits, and establishing liability, then discusses safe options for estimated taxes, deadlines, and cash flow planning for C-corporations, adapted for clarity in Botswana.
Overview of the flat 21% federal corporate tax rateCalculating taxable income from book incomeUsing credits and other tax cutsYearly tax liability and refund workingsSafe harbours and limits for estimated taxesDeadlines for quarterly estimated paymentsLesson 2Mechanics of estimated tax payments and penalties for C-Corporations (Form 1120 timing and submissions)It details how C-corporations work out and pay estimated taxes, deadlines for Form 1120 submissions, rules for extensions, and calculations for underpayment penalties and interest, including methods for yearly income instalments, presented naturally for Botswanan audiences.
Who needs to pay corporate estimated taxesMethods for calculating quarterly instalmentsYearly income and seasonal business handlingDue dates and extensions for Form 1120Rules for underpayment penalties and interestWays to avoid penalties and get reliefLesson 3Tax handling of grants and other government aid (gross income vs. exclusion options)It examines the tax treatment of grants, forgivable loans, and other government supports, separating taxable income from exclusions, timing for recognition, and disclosure needs for federal and state programmes, using straightforward language suitable for Botswana.
Kinds of grants and incentive programmesInclusion in gross income vs. exclusionForgivable loans and debt cancellationEvents for recognising income timingBook-tax differences for assistanceIssues with disclosure and reportingLesson 4Ordinary and necessary business deductions with documentation needsIt covers what counts as an ordinary and necessary business cost under Section 162, standards for documentation, proof for travel, meals, and home office, and building files ready for audits that back up corporate deductions, explained in simple Botswanan English.
Standard for ordinary and necessary under Section 162Reasonable pay and related party dealingsProof for travel, meals, and entertainmentHome office and mixed-use cost sharingSystems for recordkeeping and digital proofAudit risks for common deductionsLesson 5Bonus depreciation guidelines, percentage stages, definitions of qualified propertyIt explains eligibility for bonus depreciation, percentages by year, definitions of qualified property, phase-down timetable, and how bonus works with Section 179 and MACRS in corporate tax planning, using accessible terms for Botswana learners.
Tests for qualified property and in-service placementPhase-downs in bonus depreciation percentagesLimits on used property and related partiesWorking with Section 179 expensingInteraction with standard MACRS methodsStrategic timing for capital investmentsLesson 6Handling of business receipts: revenue recognition for SaaS and deferred revenue mattersIt explains tax rules for recognising business receipts, focusing on SaaS and subscription models, advance payments, deferred revenue, and how tax methods differ from GAAP while staying compliant and consistent, tailored for Botswanan understanding.
Cash vs. accrual methods for tax accountingAdvance payments and deferral choicesSaaS subscriptions and multi-year dealsSharing revenue in bundled setupsDeferred revenue and tax timing problemsChanges and renewals in contractsLesson 7Section 179 expensing guidelines and limits: eligibility and link with bonus depreciationIt covers eligibility for Section 179 expensing, dollar limits, phase-outs, and property types, then explains interaction with bonus depreciation and regular MACRS, including ordering rules and planning approaches, in natural Botswanan English.
Types of property eligible for Section 179Yearly dollar limits and phase-out rulesLimit on taxable income and carryoversOrdering with bonus and regular MACRSSection 179 for vehicles and listed propertyTrade-offs in planning for small businessesLesson 8R&D tax credits (federal): qualified research costs (QREs), documentation, calculation approachesIt explores eligibility for federal R&D credits, defining qualified research costs, handling of wages and supplies, documentation standards, and calculation methods, including regular and alternative simplified credit workings for C-corporations, adapted for Botswana.
Four-part test for qualified researchFinding and tracking QRE wagesSupplies, contract research, and softwareRegular credit vs. ASC methodNeeded documentation at project levelLink with Section 174 capitalisationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesIt explains why taxable income differs from GAAP income, covering permanent differences like fines and tax-exempt interest, temporary differences from timing, and how deferred tax assets and liabilities come about, using clear Botswanan terminology.
Examples of common permanent differencesTemporary differences and timing changesBasics of deferred tax assets and liabilitiesValuation allowances and realisabilityReconciliations via Schedule M-1 and M-3Effect on effective tax rate reportingLesson 10Federal payroll tax duties, FICA/FUTA employer roles, and reporting (Forms 941, 940, W-2)It outlines federal payroll tax duties for employers, including FICA and FUTA bases and rates, deposit schedules, and correct completion and reconciliation of Forms 941, 940, and W-2 for corporate staff, explained simply for Botswana.
Components of employer and employee FICAFUTA coverage, wage base, and creditsSchedules and methods for payroll tax depositsDetails of quarterly Form 941 reportingAnnual FUTA reconciliation with Form 940Preparation and fixes for Form W-2Lesson 11Net operating losses (NOLs), carrybacks/forwards, and limits (Section 172/IRC changes)It reviews net operating loss rules for C-corporations, including changes after TCJA and CARES Act, carryforward periods, the 80% limit, and how NOLs impact estimated taxes, modelling, and financial statement presentation, in Botswanan English.
Defining and calculating an NOLNOL systems before and after TCJACarryforward rules and 80% limitsLink with credits and AMT pastNOLs in estimated tax calculationsImpacts on financial statements and disclosuresLesson 12Basics of depreciation and amortisation: MACRS, useful lives, and half-year conventionIt introduces depreciation and amortisation for tax, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortisation of intangibles and differences from book depreciation, using natural Botswana phrasing.
MACRS property classes and recovery periodsHalf-year, mid-quarter, and mid-month rulesGeneral vs. alternative depreciation systemTax amortisation of Section 197 intangiblesDifferences between book and tax depreciationFixed asset registers and documentation
