Lesson 1Federal corporate tax rate structure, tax calculation workflow, an estimated tax paymentsExplains di flat federal corporate tax rate, how fi compute taxable income from book income, apply credits, an determine liability, den covers estimated tax safe harbors, due dates, an cash flow plannin fi C-corporations.
Flat 21% federal corporate tax rate overviewTaxable income computation from book incomeApplying credits an other tax reductionsAnnual tax liability an refund calculationsEstimated tax safe harbors an thresholdsQuarterly estimated payment due datesLesson 2Estimated tax payment mechanics an penalties fi C-Corporations (Form 1120 timin an filins)Details how C-corporations compute an pay estimated taxes, Form 1120 filin deadlines, extension rules, an how underpayment penalties an interest are calculated, includin annualized income installment methods.
Who must pay corporate estimated taxesQuarterly installment calculation methodsAnnualized income an seasonal businessesForm 1120 due dates an extensionsUnderpayment penalties an interest rulesPenalty avoidance an relief optionsLesson 3Tax treatment a grants an other government assistance (gross income vs. exclusion possibilities)Analyzes tax treatment a grants, forgivable loans, an other government incentives, distinguishin taxable income from exclusions, timin a recognition, an disclosure considerations fi federal an state programs.
Types a grants an incentive programsGross income inclusion versus exclusionForgivable loans an cancellation a debtTiming a income recognition eventsBook-tax differences fi assistanceDisclosure an information reportin issuesLesson 4Ordinary an necessary business deductions wid documentation requirementsCovers what qualifies as an ordinary an necessary business expense under Section 162, documentation standards, substantiation fi travel, meals, an home office, an how fi build audit-ready files dat support corporate deductions.
Section 162 ordinary an necessary standardReasonable compensation an related partiesTravel, meals, an entertainment substantiationHome office an mixed-use cost allocationsRecordkeepin systems an digital evidenceAudit risk areas fi common deductionsLesson 5Bonus depreciation rules, percentage phases, qualified property definitionsDetails bonus depreciation eligibility, applicable percentages by year, qualified property definitions, phase-down schedule, an how bonus interacts wid Section 179 an MACRS in corporate tax plannin.
Qualified property an placed-in-service testsBonus depreciation percentage phase-downsUsed property an related-party limitsCoordination wid Section 179 expensinInteraction wid regular MACRS methodsStrategic timin a capital investmentsLesson 6Treatment a business receipts: revenue recognition fi SaaS an deferred revenue issuesExplains tax rules fi recognizin business receipts, focusin pon SaaS an subscription models, advance payments, deferred revenue, an how tax methods can differ from GAAP while remainin compliant an consistent.
Cash versus accrual tax accountin methodsAdvance payments an deferral electionsSaaS subscriptions an multi-year contractsAllocatin revenue in bundled arrangementsDeferred revenue an tax timin issuesContract modifications an renewalsLesson 7Section 179 expensin rules an limitations: eligibility an interaction wid bonus depreciationCovers Section 179 expensin eligibility, dollar limits, phase-outs, an property types, den explains how Section 179 interacts wid bonus depreciation an regular MACRS, includin orderin rules an plannin strategies.
Eligible Section 179 property typesAnnual dollar limits an phase-out rulesTaxable income limitation an carryoversOrderin wid bonus an regular MACRSSection 179 fi vehicles an listed propertyPlannin trade-offs fi small businessesLesson 8R&D tax credits (federal): qualified research expenses (QREs), documentation, calculation methodsExplores federal R&D credit eligibility, definin qualified research expenses, treatment a wages an supplies, documentation standards, an calculation methods, includin regular an alternative simplified credit computations fi C-corporations.
Four-part test fi qualified researchIdentifin an trackin QRE wagesSupplies, contract research, an softwareRegular credit versus ASC methodRequired project-level documentationInteraction wid Section 174 capitalizationLesson 9Taxable income vs. financial accountin income: permanent an temporary differencesExplains why taxable income differs from GAAP income, coverin permanent differences like fines an tax-exempt interest, temporary differences from timin, an how deferred tax assets an liabilities arise.
Common permanent difference examplesTemporary differences an timin shiftsDeferred tax assets an liabilities basicsValuation allowances an realizabilitySchedule M-1 an M-3 reconciliationsImpact on effective tax rate reportinLesson 10Federal payroll tax obligations, FICA/FUTA employer responsibilities, an reportin (Forms 941, 940, W-2)Outlines federal payroll tax obligations fi employers, includin FICA an FUTA bases an rates, deposit schedules, an how fi correctly complete an reconcile Forms 941, 940, an W-2 fi corporate employees.
Employer an employee FICA componentsFUTA coverage, wage base, an creditsPayroll tax deposit schedules an methodsForm 941 quarterly reportin detailsForm 940 annual FUTA reconciliationForm W-2 preparation an correctionsLesson 11Net operatin losses (NOLs), carrybacks/forwards, an limitations (Section 172/IRC changes)Reviews net operatin loss rules fi C-corporations, includin post-TCJA an CARES Act changes, carryforward periods, di 80% limitation, an how NOLs affect estimated taxes, modelin, an financial statement presentation.
Defin an computin an NOLPre- an post-TCJA NOL regimesCarryforwards an 80% limitation rulesInteraction wid credits an AMT historyNOLs in estimated tax calculationsFinancial statement an disclosure impactsLesson 12Depreciation an amortization basics: MACRS, useful lives, an half-year conventionIntroduces depreciation an amortization fi tax, focusin pon MACRS classes, recovery periods, conventions, an methods, plus basic amortization a intangibles an how dese deductions differ from book depreciation.
MACRS property classes an recovery periodsHalf-year, mid-quarter, an mid-month rulesGeneral versus alternative depreciation systemTax amortization a Section 197 intangiblesBook versus tax depreciation differencesFixed asset registers an documentation
