Lesson 1Federal corporate tax rate structure, tax calculation workflow, and estimated tax paymentsDis lesson explain di flat federal corporate tax rate, how to compute taxable income from book income, apply credits, and determine liability, den cover estimated tax safe harbors, due dates, and cash flow planning for C-corporations to avoid penalties.
Overview of flat 21% federal corporate tax rateComputation of taxable income from book incomeApplying credits and other tax reductionsCalculations for annual tax liability and refundsEstimated tax safe harbors and thresholdsDue dates for quarterly estimated paymentsLesson 2Mechanics of estimated tax payments and penalties for C-Corporations (Form 1120 timing and filings)Dis detail how C-corporations compute and pay estimated taxes, Form 1120 filing deadlines, extension rules, and how underpayment penalties and interest are calculated, including methods for annualized income installments to stay compliant.
Who must pay corporate estimated taxesMethods for calculating quarterly installmentsAnnualized income and seasonal businessesDue dates and extensions for Form 1120Rules for underpayment penalties and interestOptions for avoiding penalties and getting reliefLesson 3Tax treatment of grants and other government assistance (gross income vs. exclusion possibilities)Dis analyze tax treatment of grants, forgivable loans, and other government incentives, distinguishing taxable income from exclusions, timing of recognition, and disclosure considerations for federal and state programs in simple terms.
Types of grants and incentive programsInclusion in gross income versus exclusionForgivable loans and cancellation of debtEvents for timing of income recognitionBook-tax differences for assistanceIssues with disclosure and information reportingLesson 4Ordinary and necessary business deductions with documentation requirementsDis cover wetin qualify as ordinary and necessary business expense under Section 162, documentation standards, substantiation for travel, meals, and home office, and how to build audit-ready files dat support corporate deductions properly.
Standard for ordinary and necessary under Section 162Reasonable compensation and related partiesSubstantiation for travel, meals, and entertainmentAllocations for home office and mixed-use costsSystems for recordkeeping and digital evidenceAudit risk areas for common deductionsLesson 5Bonus depreciation rules, percentage phases, qualified property definitionsDis detail eligibility for bonus depreciation, applicable percentages by year, definitions of qualified property, phase-down schedule, and how bonus interact wid Section 179 and MACRS in corporate tax planning for better outcomes.
Tests for qualified property and placed-in-servicePhase-downs for bonus depreciation percentagesLimits for used property and related partiesCoordination wid Section 179 expensingInteraction wid regular MACRS methodsStrategic timing for capital investmentsLesson 6Treatment of business receipts: revenue recognition for SaaS and deferred revenue issuesDis explain tax rules for recognizing business receipts, focusing on SaaS and subscription models, advance payments, deferred revenue, and how tax methods can differ from GAAP while staying compliant and consistent.
Cash versus accrual methods for tax accountingElections for advance payments and deferralSaaS subscriptions and multi-year contractsAllocating revenue in bundled arrangementsIssues wid deferred revenue and tax timingModifications and renewals of contractsLesson 7Section 179 expensing rules and limitations: eligibility and interaction with bonus depreciationDis cover eligibility for Section 179 expensing, dollar limits, phase-outs, and property types, den explain how Section 179 interact wid bonus depreciation and regular MACRS, including ordering rules and planning strategies.
Types of eligible property for Section 179Rules for annual dollar limits and phase-outLimitation on taxable income and carryoversOrdering wid 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 methodsDis explore eligibility for federal R&D credit, defining qualified research expenses, treatment of wages and supplies, documentation standards, and calculation methods, including regular and alternative simplified credit for C-corporations.
Four-part test for qualified researchIdentifying and tracking QRE wagesSupplies, contract research, and softwareRegular credit versus ASC methodDocumentation required at project levelInteraction wid Section 174 capitalizationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesDis explain why taxable income differ from GAAP income, covering permanent differences like fines and tax-exempt interest, temporary differences from timing, and how deferred tax assets and liabilities arise in practice.
Examples of common permanent differencesTemporary differences and timing shiftsBasics of deferred tax assets and liabilitiesValuation allowances and realizabilityReconciliations using Schedule M-1 and M-3Impact on reporting effective tax rateLesson 10Federal payroll tax obligations, FICA/FUTA employer responsibilities, and reporting (Forms 941, 940, W-2)Dis outline federal payroll tax obligations for employers, including FICA and FUTA bases and rates, deposit schedules, and how to correctly complete and reconcile Forms 941, 940, and W-2 for corporate employees.
Components of employer and employee FICACoverage, wage base, and credits for FUTASchedules and methods for payroll tax depositsDetails for quarterly reporting on Form 941Annual FUTA reconciliation on Form 940Preparation and corrections for Form W-2Lesson 11Net operating losses (NOLs), carrybacks/forwards, and limitations (Section 172/IRC changes)Dis review rules for net operating losses for C-corporations, including changes from post-TCJA and CARES Act, carryforward periods, di 80% limitation, and how NOLs affect estimated taxes, modeling, and financial statements.
Defining and computing an NOLNOL regimes pre- and post-TCJARules for carryforwards and 80% limitationInteraction wid credits and AMT historyNOLs in calculations for estimated taxesImpacts on financial statements and disclosuresLesson 12Depreciation and amortization basics: MACRS, useful lives, and half-year conventionDis introduce depreciation and amortization for tax, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortization of intangibles and how dese deductions differ from book depreciation.
MACRS property classes and recovery periodsRules for half-year, mid-quarter, and mid-monthGeneral versus alternative depreciation systemTax amortization of Section 197 intangiblesDifferences between book and tax depreciationRegisters for fixed assets and documentation
