Description:

This book is for preparing 2023 taxes. This course is ideal for tax professionals who have never prepared Form 1120, U.S. Corporation Income Tax Return, or for those with limited experience. The course covers basic information regarding how to incorporate a domestic C corporation. It goes into line-by-line instructions on how to prepare Form 1120 along with explanations of the various types of income and expenses reported on the return. Lastly, there is a discussion on the tax treatment of various types of distributions from the C corporation to the shareholders.

Topics include:

• Summarizing the advantages and disadvantages of forming a C corporation
• Recognizing if §351 applies at incorporation
• Selecting a tax year and accounting method
• Differentiating between taxable and non-taxable income, and deductible and non-deductible expenses
• Explaining C corporation taxation
• Summarizing the taxation of distributions
• Preparing a basic Form 1120

Product Details:

Item Number: 23328

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 185 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.