1120 Preparation and Planning 4: Deductions-Part 2 (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 fourth 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

• Advertising
• Retirement Plans and Employee Benefits
• Other Deductions
• Net Operating Loss

Learning Objectives

• Identify how to determine contribution limits for qualified retirement plans
• Describe health care options that employers can offer
• Recognize tax-free fringe benefits
• Recognize how to figure the net operating loss deduction
• Identify on which line of Form 1120 advertising expenses are reported
• Identify which form Retirement and Employee Benefit Plans (other than SEPs and SIMPLE-IRAs) generally must file annually
• Identify the percentage limit that applies to meals that are a de minimis fringe benefit, such as break room snacks or an employer-operated eating facility

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None