Lesson 1Federal company tax rate setup, tax calculation process, and estimated tax paymentsIt shows the flat federal company tax rate, how to work out taxable income from book income, use credits, and find liability, then talks about estimated tax safe ways, 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 workingsEstimated tax safe ways and limitsQuarterly estimated payment due datesLesson 2How estimated tax payments work and penalties for C-Companies (Form 1120 timing and submissions)It details how C-companies calculate and pay estimated taxes, Form 1120 submission deadlines, extension rules, and how underpayment penalties and interest are figured, including yearly income installment ways.
Who must pay company estimated taxesQuarterly installment calculation waysYearly income and seasonal businessesForm 1120 due dates and extensionsUnderpayment penalties and interest rulesWays 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 incentives, telling taxable income from exclusions, timing of recognition, and disclosure matters for federal and state programs.
Types of grants and incentive programsIncluding in gross income vs. excludingForgivable loans and debt cancellationTiming of income recognition eventsBook-tax differences for helpDisclosure and reporting issuesLesson 4Normal and needed business deductions with record requirementsIt covers what counts as a normal and needed business expense under Section 162, record standards, proof for travel, meals, and home office, and how to make audit-ready files that back company deductions.
Section 162 normal and needed standardReasonable pay and related partiesTravel, meals, and entertainment proofHome office and mixed-use cost sharingRecord systems and digital proofAudit risk areas for common deductionsLesson 5Bonus depreciation rules, percentage steps, qualified property meaningsIt details bonus depreciation eligibility, percentages by year, qualified property meanings, step-down schedule, and how bonus works with Section 179 and MACRS in company tax planning.
Qualified property and placed-in-service testsBonus depreciation percentage step-downsUsed property and related-party limitsWorking with Section 179 expensingInteraction with regular MACRS waysStrategic timing of capital investmentsLesson 6Handling business receipts: revenue recognition for SaaS and deferred revenue mattersIt explains tax rules for recognizing business receipts, focusing on SaaS and subscription models, advance payments, deferred revenue, and how tax ways can differ from GAAP while staying compliant and steady.
Cash vs. accrual tax accounting waysAdvance payments and deferral choicesSaaS subscriptions and multi-year contractsSharing revenue in bundled setupsDeferred revenue and tax timing mattersContract changes and renewalsLesson 7Section 179 expensing rules and limits: eligibility and working with bonus depreciationIt covers Section 179 expensing eligibility, dollar limits, step-outs, and property types, then explains how Section 179 works with bonus depreciation and regular MACRS, including ordering rules and planning ways.
Eligible Section 179 property typesYearly dollar limits and step-out rulesTaxable income limit 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), records, calculation waysIt looks at federal R&D credit eligibility, defining qualified research expenses, handling of wages and supplies, record standards, and calculation ways, including regular and alternative simplified credit workings for C-companies.
Four-part test for qualified researchFinding and tracking QRE wagesSupplies, contract research, and softwareRegular credit vs. ASC wayNeeded project-level recordsWorking with Section 174 capitalizationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesIt explains why taxable income differs from GAAP income, covering permanent differences like fines and tax-free interest, temporary differences from timing, and how deferred tax assets and liabilities come up.
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 duties, FICA/FUTA employer duties, 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 correctly complete and match Forms 941, 940, and W-2 for company employees.
Employer and employee FICA partsFUTA coverage, wage base, and creditsPayroll tax deposit schedules and waysForm 941 quarterly reporting detailsForm 940 yearly FUTA matchingForm W-2 preparation and correctionsLesson 11Net operating losses (NOLs), carrybacks/forwards, and limits (Section 172/IRC changes)It reviews net operating loss rules for C-companies, including post-TCJA and CARES Act changes, carryforward periods, the 80% limit, and how NOLs affect estimated taxes, modeling, and financial statement showing.
Defining and working out an NOLPre- and post-TCJA NOL setupsCarryforwards and 80% limit rulesWorking with credits and AMT historyNOLs in estimated tax workingsFinancial statement and disclosure impactsLesson 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 ways, plus basic amortization of intangibles and how these deductions differ from book depreciation.
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 records
