Lesson 1Federal company tax rate setup, tax calculation process, and planned tax paymentsIt shows the fixed federal company tax rate, how to work out taxable income from book income, use credits, and find liability, then talks about safe ways for planned taxes, due dates, and cash flow planning for C-companies.
Overview of flat 21% federal company tax rateWorking out taxable income from book incomeUsing credits and other tax cutsYearly tax liability and refund workingsSafe harbors and limits for planned taxesDue dates for quarterly planned paymentsLesson 2How planned tax payments work and penalties for C-Companies (Form 1120 timing and submissions)It details how C-companies calculate and pay planned taxes, deadlines for Form 1120, rules for extensions, and how penalties for underpayment and interest are figured, including methods for yearly income installments.
Who must pay company planned taxesWays to calculate quarterly installmentsYearly income and seasonal business methodsDue 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. exclusion options)It looks at tax handling of grants, forgivable loans, and other government supports, telling apart taxable income from exclusions, timing for recognition, and disclosure needs for federal and state programs.
Types of grants and support programsIncluding in gross income vs. excludingForgivable loans and debt cancellationEvents for recognizing income timingBook-tax differences for help receivedDisclosure and reporting issuesLesson 4Regular and needed business deductions with proof requirementsIt covers what counts as a regular and needed business cost under Section 162, proof standards, support for travel, meals, and home office, and how to make files ready for checks that back company deductions.
Section 162 standard for regular and neededReasonable pay and related party rulesProof for travel, meals, and entertainmentHome office and mixed-use cost sharingRecord systems and digital proofAudit risk spots for common deductionsLesson 5Bonus depreciation rules, percentage steps, definitions of qualified itemsIt details who qualifies for bonus depreciation, percentages by year, definitions of qualified items, step-down schedule, and how bonus works with Section 179 and MACRS in company tax planning.
Tests for qualified items and in-servicePhase-downs for bonus depreciation percentagesUsed items and related-party limitsWorking with Section 179 expensingInteraction with regular MACRS methodsStrategic timing for capital investmentsLesson 6Handling business receipts: revenue recognition for SaaS and delayed revenue problemsIt explains tax rules for recognizing business receipts, focusing on SaaS and subscription ways, advance payments, delayed revenue, and how tax methods can differ from GAAP but stay compliant and steady.
Cash vs. accrual tax accounting waysAdvance payments and deferral choicesSaaS subscriptions and multi-year dealsSharing revenue in bundled setupsDelayed revenue and tax timing problemsDeal changes and renewalsLesson 7Section 179 expensing rules and limits: who qualifies and how it works with bonus depreciationIt covers who qualifies for Section 179 expensing, dollar limits, phase-outs, and item 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 carryoversOrdering with bonus and regular MACRSSection 179 for vehicles and listed itemsPlanning choices for small businessesLesson 8R&D tax credits (federal): qualified research costs (QREs), proof, calculation waysIt looks at federal R&D credit who qualifies, defining qualified research costs, handling of wages and supplies, proof standards, and calculation ways, including regular and alternative simple credit workings for C-companies.
Four-part test for qualified researchFinding and tracking QRE wagesSupplies, contract research, and softwareRegular credit vs. ASC methodNeeded project-level proofWorking with Section 174 capitalizationLesson 9Taxable income vs. financial accounting income: lasting and short-term differencesIt explains why taxable income differs from GAAP income, covering lasting differences like fines and tax-free interest, short-term differences from timing, and how delayed tax assets and liabilities come up.
Common examples of lasting differencesShort-term differences and timing shiftsBasics of delayed tax assets and liabilitiesValuation allowances and realizabilitySchedule M-1 and M-3 reconciliationsImpact 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 complete and match Forms 941, 940, and W-2 correctly for company workers.
Employer and worker FICA partsFUTA coverage, wage base, and creditsPayroll tax deposit schedules and waysDetails of 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-companies, including changes after TCJA and CARES Act, carryforward times, the 80% limit, and how NOLs affect planned taxes, modeling, and financial statement showing.
Defining and working out an NOLNOL rules before and after TCJACarryforwards and 80% limit rulesWorking with credits and AMT historyNOLs in planned tax calculationsFinancial statement and disclosure effectsLesson 12Basics of depreciation and amortization: MACRS, useful lives, and half-year ruleIt introduces depreciation and amortization for tax, focusing on MACRS classes, recovery times, rules, and methods, plus basic amortization of intangibles and how these deductions differ from book depreciation.
MACRS property classes and recovery timesHalf-year, mid-quarter, and mid-month rulesGeneral vs. alternative depreciation systemTax amortization of Section 197 intangiblesBook vs. tax depreciation differencesFixed asset registers and proof
