Lesson 1Federal corporate tax rate structure, tax calculation workflow, and estimated tax paymentsIt explains the flat federal corporate tax rate, how to work out taxable income from accounting income, apply credits, and figure out the liability, then discusses safe ways for estimated taxes, deadlines, and cash 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)It details how C-corporations calculate and pay estimated taxes, Form 1120 submission deadlines, extension options, and how penalties and interest for underpayment are worked out, including methods for income instalments.
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)It looks at how grants, forgivable loans, and other government support are taxed, separating taxable income from exclusions, when to recognise them, and disclosure needs 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 requirementsIt covers what counts as an ordinary and necessary business expense under Section 162, record-keeping standards, proof for travel, meals, and home office, and how to prepare files ready for audits that back up 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 definitionsIt details who qualifies for bonus depreciation, percentages by year, what property is eligible, phase-down plans, and how bonus works 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 issuesIt explains tax rules for recognising business receipts, focusing on SaaS and subscription models, payments in advance, deferred revenue, and how tax methods can differ from accounting standards while staying compliant.
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 depreciationIt covers Section 179 expensing eligibility, money limits, phase-outs, and property types, then explains how Section 179 works with bonus depreciation and regular MACRS, including order rules and planning tips.
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 methodsIt explores federal R&D credit eligibility, defining qualified research expenses, treatment of wages and supplies, record standards, and calculation methods, including regular and simplified credit options 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 differencesIt explains why taxable income differs from accounting income, covering permanent differences like fines and tax-free interest, temporary differences from timing, and how deferred tax assets and liabilities come about.
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)It outlines federal payroll tax duties for employers, including FICA and FUTA bases and rates, deposit schedules, and how to properly complete and match Forms 941, 940, and W-2 for company staff.
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)It reviews net operating loss rules for C-corporations, including changes after TCJA and CARES Act, carryforward times, the 80% limit, and how NOLs affect estimated taxes, projections, and financial reports.
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 amortization basics: MACRS, useful lives, and half-year conventionIt introduces depreciation and amortization for tax, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortisation of intangibles and how these deductions differ from book ones.
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
