Lesson 1Federal corporate tax rate structure, tax calculation workflow, and estimated tax paymentsExplains the flat federal corporate tax rate, how to calculate taxable income from book income, apply credits, and determine liability, then covers estimated tax safe harbours, due dates, and cash flow 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 harbours and thresholdsQuarterly estimated payment due datesLesson 2Estimated tax payment mechanics and penalties for C-Corporations (Form 1120 timing and filings)Details how C-corporations compute and pay estimated taxes, Form 1120 filing deadlines, extension rules, and how underpayment penalties and interest are calculated, including annualised income instalment methods.
Who must pay corporate estimated taxesQuarterly instalment calculation methodsAnnualised 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)Analyses 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 programmes.
Types of grants and incentive programmesGross 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 requirementsCovers what qualifies as an ordinary and necessary business expense under Section 162, documentation standards, substantiation for travel, meals, and home office, and how to build audit-ready files that support 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 definitionsDetails bonus depreciation eligibility, applicable percentages by year, qualified property definitions, phase-down schedule, and how bonus interacts 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 issuesExplains tax rules for recognising business receipts, focusing on SaaS and subscription models, advance payments, deferred revenue, and how tax methods can differ from GAAP while remaining compliant and consistent.
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 depreciationCovers Section 179 expensing eligibility, dollar limits, phase-outs, and property types, then explains how Section 179 interacts with bonus depreciation and regular MACRS, including ordering rules and planning strategies.
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 methodsExplores federal R&D credit eligibility, defining qualified research expenses, treatment of wages and supplies, documentation standards, and calculation methods, including regular and alternative simplified credit computations 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 capitalisationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesExplains why taxable income differs from GAAP income, covering permanent differences like fines and tax-exempt interest, temporary differences from timing, and how deferred tax assets and liabilities arise.
Common permanent difference examplesTemporary differences and timing shiftsDeferred tax assets and liabilities basicsValuation allowances and realisabilitySchedule 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)Outlines 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.
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)Reviews net operating loss rules for C-corporations, including post-TCJA and CARES Act changes, carryforward periods, the 80% limitation, and how NOLs affect estimated taxes, modelling, and financial statement presentation.
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 amortisation basics: MACRS, useful lives, and half-year conventionIntroduces depreciation and amortisation for tax, focusing on MACRS classes, recovery periods, conventions, and methods, plus basic amortisation of intangibles and how these deductions differ from book depreciation.
MACRS property classes and recovery periodsHalf-year, mid-quarter, and mid-month rulesGeneral versus alternative depreciation systemTax amortisation of Section 197 intangiblesBook versus tax depreciation differencesFixed asset registers and documentation
