Lesson 1Federal corporate tax rate setup, tax calculation process, and estimated tax paymentsIt explains the flat federal corporate tax rate, how to work out taxable income from book income, apply credits, and find out liability, then covers safe ways for estimated taxes, due dates, and cash flow planning for C-corporations.
Overview of the flat 21% federal corporate tax rateCalculating taxable income from book incomeApplying credits and other tax reductionsYearly tax liability and refund calculationsSafe harbours and thresholds for estimated taxesDue dates for quarterly estimated paymentsLesson 2How estimated tax payments work and penalties for C-Corporations (Form 1120 timing and submissions)It details how C-corporations calculate and pay estimated taxes, deadlines for Form 1120, rules for extensions, and how penalties for underpayment and interest are figured, including methods for yearly income instalments.
Who must pay corporate estimated taxesMethods for calculating quarterly instalmentsYearly income and seasonal businessesDue dates and extensions for Form 1120Rules for underpayment penalties and interestWays to avoid penalties and get reliefLesson 3Tax handling of grants and other government help (gross income vs. chances to exclude)It looks at tax treatment of grants, forgivable loans, and other government incentives, telling apart taxable income from exclusions, when to recognise it, and things to disclose for federal and state programmes.
Types of grants and incentive programmesInclusion in gross income versus 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 expense under Section 162, standards for documentation, proof for travel, meals, and home office, and how to make files ready for audits that back corporate deductions.
Section 162 standard for ordinary and necessaryReasonable pay and related partiesProof for travel, meals, and entertainmentHome office and mixed-use cost sharingSystems for recordkeeping and digital proofAudit risk spots for common deductionsLesson 5Bonus depreciation rules, percentage stages, definitions of qualified propertyIt details who qualifies for bonus depreciation, percentages by year, what qualified property means, phase-down schedule, and how bonus works with Section 179 and MACRS in corporate tax planning.
Tests for qualified property and placed-in-servicePhase-downs for bonus depreciation percentagesUsed property and related-party limitsWorking with Section 179 expensingInteraction with regular MACRS methodsStrategic timing for capital investmentsLesson 6Handling business receipts: revenue recognition for SaaS and deferred revenue problemsIt explains tax rules for recognising business receipts, focusing on SaaS and subscription models, advance payments, deferred revenue, and how tax methods can differ from GAAP while staying compliant and steady.
Cash versus accrual methods for tax accountingAdvance payments and deferral choicesSaaS subscriptions and multi-year contractsSharing revenue in bundled dealsDeferred revenue and tax timing problemsChanges and renewals in contractsLesson 7Section 179 expensing rules and limits: eligibility and how it works with bonus depreciationIt covers eligibility for Section 179 expensing, dollar limits, phase-outs, and property types, then explains how Section 179 works with bonus depreciation and regular MACRS, including ordering rules and planning ways.
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 expenses (QREs), documentation, calculation waysIt looks into federal R&D credit eligibility, defining qualified research expenses, handling of wages and supplies, documentation standards, and calculation methods, including regular and alternative simplified credit for C-corporations.
Four-part test for qualified researchFinding and tracking QRE wagesSupplies, contract research, and softwareRegular credit versus ASC methodNeeded documentation at project levelWorking 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.
Common examples of permanent differencesTemporary differences and timing shiftsBasics of deferred tax assets and liabilitiesValuation allowances and realisabilityReconciliations in Schedule M-1 and M-3Impact on reporting effective tax rateLesson 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 how to complete and match Forms 941, 940, and W-2 correctly for corporate workers.
FICA parts for employer and employeeFUTA coverage, wage base, and creditsSchedules and methods for payroll tax depositsDetails for quarterly Form 941 reportingYearly FUTA reconciliation in 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 affect estimated taxes, modelling, and financial statement showing.
Defining and calculating an NOLNOL rules before and after TCJACarryforwards and 80% limit rulesWorking with credits and AMT historyNOLs in calculations for estimated taxesImpacts on financial statements and disclosuresLesson 12Basics of depreciation and amortisation: MACRS, useful lives, and half-year ruleIt introduces depreciation and amortisation for tax, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortisation of intangibles and how these deductions differ from book depreciation.
MACRS property classes and recovery periodsHalf-year, mid-quarter, and mid-month rulesGeneral versus alternative depreciation systemTax amortisation of Section 197 intangiblesDifferences between book and tax depreciationRegisters for fixed assets and documentation
