Lesson 1Federal corporate tax rate structure, tax calculation process, and estimated tax paymentsThis lesson explains the flat federal corporate tax rate, how to work out taxable income from book income, apply credits, and figure out the liability, then it discusses safe harbours for estimated taxes, due dates, and cash flow planning for C-corporations.
Overview of the flat 21% federal corporate tax rateComputing taxable income from book incomeApplying credits and other tax reductionsCalculating annual tax liability and refundsEstimated tax safe harbours and thresholdsDue dates for quarterly estimated paymentsLesson 2Mechanics of estimated tax payments and penalties for C-Corporations (Form 1120 timing and filings)This lesson details how C-corporations calculate and pay estimated taxes, deadlines for filing Form 1120, rules for extensions, and how penalties for underpayment and interest are worked out, including methods for instalments based on annualised income.
Who must pay corporate estimated taxesMethods for calculating quarterly instalmentsAnnualised 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)This lesson looks at the tax treatment of grants, forgivable loans, and other government incentives, separating taxable income from exclusions, timing for recognition, and considerations for disclosure in federal and state programmes.
Types of grants and incentive programmesInclusion in gross income versus exclusionForgivable loans and debt cancellationEvents for timing income recognitionBook-tax differences for assistanceIssues with disclosure and information reportingLesson 4Ordinary and necessary business deductions with documentation requirementsThis lesson covers what counts as an ordinary and necessary business expense under Section 162, standards for documentation, substantiation for travel, meals, and home office, and how to create audit-ready files that back up corporate deductions.
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 definitionsThis lesson explains eligibility for bonus depreciation, percentages by year, definitions of qualified property, phase-down schedule, and how bonus works with Section 179 and MACRS in corporate tax planning.
Tests for qualified property and placed-in-servicePhase-downs for bonus depreciation percentagesLimits on used property and related partiesCoordination with Section 179 expensingInteraction with regular MACRS methodsStrategic timing for capital investmentsLesson 6Treatment of business receipts: revenue recognition for SaaS and deferred revenue issuesThis lesson explains 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 staying compliant and consistent.
Cash versus accrual methods for tax accountingElections for deferral of advance paymentsSaaS subscriptions and multi-year contractsAllocating revenue in bundled arrangementsIssues with deferred revenue and tax timingModifications and renewals of contractsLesson 7Section 179 expensing rules and limitations: eligibility and interaction with bonus depreciationThis lesson covers eligibility for Section 179 expensing, 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.
Types of eligible property for Section 179Annual dollar limits and phase-out rulesLimitation on taxable income and carryoversOrdering with 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 methodsThis lesson explores 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 computations for C-corporations.
Four-part test for qualified researchIdentifying and tracking QRE wagesSupplies, contract research, and softwareRegular credit versus ASC methodRequired documentation at project levelInteraction with Section 174 capitalisationLesson 9Taxable income vs. financial accounting income: permanent and temporary differencesThis lesson explains 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 come about.
Examples of common permanent differencesTemporary differences and timing shiftsBasics of deferred tax assets and liabilitiesValuation allowances and realisabilityReconciliations on 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)This lesson 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.
Components of employer and employee FICAFUTA coverage, wage base, and creditsSchedules and methods for payroll tax depositsDetails of 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)This lesson reviews net operating loss rules for C-corporations, including changes after TCJA and CARES Act, carryforward periods, the 80% limitation, and how NOLs affect estimated taxes, modelling, and financial statement presentation.
Defining and computing an NOLNOL regimes before and after TCJARules for carryforwards and 80% limitationInteraction with credits and AMT historyNOLs in calculations for estimated taxesImpacts on financial statements and disclosuresLesson 12Depreciation and amortisation basics: MACRS, useful lives, and half-year conventionThis lesson introduces 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 periodsRules for half-year, mid-quarter, and mid-monthGeneral versus alternative depreciation systemTax amortisation of Section 197 intangiblesDifferences between book and tax depreciationRegisters for fixed assets and documentation
