Lesson 1Federal corporate tax rate structure, tax calculation workflow, and estimated tax paymentsCovers the flat federal corporate tax rate, method to calculate taxable income from book income, application of credits, and determination of liability, followed by estimated tax safe harbours, due dates, and cash flow planning for C-corporations.
Flat 21% federal corporate tax rate overviewTaxable income computation from book incomeApplying credits and other tax reductionsAnnual tax liability and refund calculationsEstimated tax safe harbors and thresholdsQuarterly estimated payment due datesLesson 2Estimated tax payment mechanics and penalties for C-Corporations (Form 1120 timing and filings)Explains how C-corporations calculate and make estimated tax payments, Form 1120 filing deadlines, extension provisions, and computation of underpayment penalties and interest, including the annualised income instalment method.
Who must pay corporate estimated taxesQuarterly installment calculation methodsAnnualized income and seasonal businessesForm 1120 due dates and extensionsUnderpayment penalties and interest rulesPenalty avoidance and relief optionsLesson 3Tax treatment of grants and other government assistance (gross income vs. exclusion possibilities)Examines tax treatment of grants, forgivable loans, and other government incentives, differentiating taxable income from exclusions, timing of recognition, and disclosure requirements for federal and state schemes.
Types of grants and incentive programsGross income inclusion versus exclusionForgivable loans and cancellation of debtTiming of income recognition eventsBook‑tax differences for assistanceDisclosure and information reporting issuesLesson 4Ordinary and necessary business deductions with documentation requirementsDetails what constitutes an ordinary and necessary business expense under Section 162, documentation standards, substantiation for travel, meals, and home office, and building audit-ready records to support corporate deductions.
Section 162 ordinary and necessary standardReasonable compensation and related partiesTravel, meals, and entertainment substantiationHome office and mixed‑use cost allocationsRecordkeeping systems and digital evidenceAudit risk areas for common deductionsLesson 5Bonus depreciation rules, percentage phases, qualified property definitionsOutlines bonus depreciation eligibility, applicable percentages by year, qualified property definitions, phase-down schedule, and interaction of bonus with Section 179 and MACRS in corporate tax planning.
Qualified property and placed‑in‑service testsBonus depreciation percentage phase‑downsUsed property and related‑party limitsCoordination with Section 179 expensingInteraction with regular MACRS methodsStrategic timing of capital investmentsLesson 6Treatment of business receipts: revenue recognition for SaaS and deferred revenue issuesCovers tax rules for recognising business receipts, with focus on SaaS and subscription models, advance payments, deferred revenue, and how tax methods may differ from GAAP while ensuring compliance and consistency.
Cash versus accrual tax accounting methodsAdvance payments and deferral electionsSaaS subscriptions and multi‑year contractsAllocating revenue in bundled arrangementsDeferred revenue and tax timing issuesContract modifications and renewalsLesson 7Section 179 expensing rules and limitations: eligibility and interaction with bonus depreciationExplains Section 179 expensing eligibility, dollar limits, phase-outs, and property types, along with interaction with bonus depreciation and regular MACRS, including ordering rules and planning strategies.
Eligible Section 179 property typesAnnual dollar limits and phase‑out rulesTaxable income limitation and carryoversOrdering with bonus and regular MACRSSection 179 for vehicles and listed propertyPlanning trade‑offs for small businessesLesson 8R&D tax credits (federal): qualified research expenses (QREs), documentation, calculation methodsDiscusses federal R&D credit eligibility, defining qualified research expenses, treatment of wages and supplies, documentation standards, and calculation methods, including regular and alternative simplified credit computations for C-corporations.
Four‑part test for qualified researchIdentifying and tracking QRE wagesSupplies, contract research, and softwareRegular credit versus ASC methodRequired project‑level documentationInteraction with Section 174 capitalizationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesExplains differences between taxable income and GAAP income, covering permanent differences like fines and tax-exempt interest, temporary differences from timing, and how deferred tax assets and liabilities arise.
Common permanent difference examplesTemporary differences and timing shiftsDeferred tax assets and liabilities basicsValuation allowances and realizabilitySchedule M‑1 and M‑3 reconciliationsImpact on effective tax rate reportingLesson 10Federal payroll tax obligations, FICA/FUTA employer responsibilities, and reporting (Forms 941, 940, W-2)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 employees.
Employer and employee FICA componentsFUTA coverage, wage base, and creditsPayroll tax deposit schedules and methodsForm 941 quarterly reporting detailsForm 940 annual FUTA reconciliationForm W‑2 preparation and correctionsLesson 11Net operating losses (NOLs), carrybacks/forwards, and limitations (Section 172/IRC changes)Reviews net operating loss rules for C-corporations, including post-TCJA and CARES Act changes, carryforward periods, the 80% limitation, and impact of NOLs on estimated taxes, modelling, and financial statement presentation.
Defining and computing an NOLPre‑ and post‑TCJA NOL regimesCarryforwards and 80% limitation rulesInteraction with credits and AMT historyNOLs in estimated tax calculationsFinancial statement and disclosure impactsLesson 12Depreciation and amortisation basics: MACRS, useful lives, and half-year conventionIntroduces depreciation and amortisation for tax purposes, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortisation of intangibles and differences from book depreciation.
MACRS property classes and recovery periodsHalf‑year, mid‑quarter, and mid‑month rulesGeneral versus alternative depreciation systemTax amortization of Section 197 intangiblesBook versus tax depreciation differencesFixed asset registers and documentation
