Lesson 1Federal corporate tax rate setup, tax figuring process, and planned tax paymentsIt shows the flat federal corporate tax rate, how to work out taxable income from book income, use credits, and find liability, then talks about safe ways for estimated taxes, due dates, and cash flow planning for C-corporations to keep things smooth.
Overview of flat 21% federal corporate tax rateFiguring taxable income from book incomeUsing credits and other tax cutsYearly tax liability and refund workingsSafe harbors and limits for estimated taxesDue dates for quarterly estimated paymentsLesson 2How estimated tax payments work and penalties for C-Corporations (Form 1120 timing and filings)It details how C-corporations figure and pay estimated taxes, deadlines for Form 1120, rules for extensions, and how penalties and interest for underpayment are calculated, including ways to use yearly income installments.
Who needs to pay corporate estimated taxesWays to calculate quarterly installmentsYearly 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 help (gross income vs. ways to exclude)It looks at tax treatment of grants, forgivable loans, and other government boosts, telling apart taxable income from exclusions, when to recognize it, and things to report for federal and state programs to stay right.
Kinds of grants and boost programsIncluding in gross income vs. excludingForgivable loans and debt cancellationEvents for recognizing income timingBook-tax differences for help receivedReporting and disclosure problemsLesson 4Ordinary and necessary business deductions with proof needsIt covers what counts as ordinary and necessary business cost under Section 162, proof standards, backing for travel, meals, and home office, and how to make files ready for audits that support corporate deductions well.
Section 162 standard for ordinary and necessaryFair pay and related party dealingsProof for travel, meals, and entertainmentHome office and mixed-use cost sharingRecord systems and digital proofAudit risks for common deductionsLesson 5Bonus depreciation rules, percentage steps, qualified property meaningsIt details who qualifies for bonus depreciation, percentages by year, what qualified property means, step-down schedule, and how bonus works with Section 179 and MACRS in corporate tax planning to save money.
Tests for qualified property and in-servicePhase-downs for bonus depreciation percentagesUsed property and related-party limitsWorking with Section 179 expensingLink with regular MACRS methodsSmart timing for capital investmentsLesson 6Handling business receipts: revenue recognition for SaaS and deferred revenue problemsIt explains tax rules for recognizing business receipts, focusing on SaaS and subscription ways, advance payments, deferred revenue, and how tax methods can differ from GAAP but still follow rules and stay steady.
Cash vs. accrual tax accounting waysAdvance payments and deferral choicesSaaS subscriptions and multi-year dealsSharing revenue in bundled setupsDeferred revenue and tax timing issuesDeal changes and renewalsLesson 7Section 179 expensing rules and limits: who qualifies and link with bonus depreciationIt covers who qualifies for Section 179 expensing, dollar limits, phase-outs, and property types, then explains how Section 179 works with bonus depreciation and regular MACRS, including order rules and planning ways.
Types of property eligible for Section 179Yearly dollar limits and phase-out rulesTaxable income limit and carryoversOrder with bonus and regular MACRSSection 179 for vehicles and listed propertyPlanning choices for small businessesLesson 8R&D tax credits (federal): qualified research costs (QREs), proof, calculation waysIt looks into federal R&D credit who qualifies, defining qualified research costs, handling of wages and supplies, proof standards, and calculation ways, including regular and simple credit workings for C-corporations.
Four-part test for qualified researchFinding and tracking QRE wagesSupplies, contract research, and softwareRegular credit vs. ASC methodNeeded project-level proofLink with Section 174 capitalizationLesson 9Taxable income vs. financial accounting income: lasting and temporary differencesIt explains why taxable income differs from GAAP income, covering lasting differences like fines and tax-free interest, temporary differences from timing, and how deferred tax assets and liabilities come up in planning.
Common examples of lasting differencesTemporary differences and timing shiftsBasics of deferred tax assets and liabilitiesValuation allowances and realizabilitySchedule M-1 and M-3 reconciliationsEffect 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 how to fill and match Forms 941, 940, and W-2 right for corporate workers without mistakes.
Employer and employee FICA partsFUTA coverage, wage base, and creditsPayroll tax deposit schedules and waysDetails for Form 941 quarterly reportingForm 940 yearly FUTA matchingForm W-2 preparation and fixesLesson 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 times, the 80% limit, and how NOLs affect estimated taxes, modeling, and financial statement showing.
Defining and figuring an NOLNOL rules before and after TCJACarryforwards and 80% limit rulesLink with credits and AMT pastNOLs in estimated tax workingsFinancial statement and disclosure effectsLesson 12Depreciation and amortization basics: MACRS, useful lives, and half-year ruleIt introduces depreciation and amortization for tax, focusing on MACRS classes, recovery periods, rules, and methods, plus basic amortization of intangibles and how these deductions differ from book depreciation in practice.
MACRS property classes and recovery periodsHalf-year, mid-quarter, and mid-month rulesGeneral vs. alternative depreciation systemTax amortization of Section 197 intangiblesBook vs. tax depreciation differencesFixed asset registers and proof
