1120 Preparation and Planning 3: Deductions-Part 1 (2023 Edition)

Author: Barbara Weltman, Sidney Kess, Greg White

This course provides a refresher on the preparation of corporate income tax returns. It is designed to orient the practitioner with the latest changes in the field of taxation. This is the third in a series on Form 1120 preparation, focusing on deductions.

This is the third in a series of courses on Form 1120 preparation. All of the courses in this series have been fully updated to reflect recent legislative changes. This courses focuses on deductions and will provide participants with a solid foundation in preparing corporate income tax returns.

Publication Date: September 2022

Designed For
Tax practitioners.

Topics Covered

• Compensation
• Repairs and maintenance
• Bad debts through Charitable Deductions
• Depreciation and Depletion

Learning Objectives

• Detail the information on Form 1125-E
• List limitations on deducting compensation
• Distinguish between ordinary repairs and capital expenditures
• Determine the applicable rule for writing off the cost of machinery and equipment
• Identify on who the burden of proof is on to prove otherwise if the IRS contests a salary payment as unreasonable
• Identify the deduction of up to what amount is allowed each year for the removal of architectural and transportation barriers for handicapped and elderly individuals
• Identify up to what percent licenses and regulatory fees generally are deductible to the extent they are reasonable
• Identify on which IRS form depreciation is first figured on

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None