1120 Preparation and Planning 6: Estimated Taxes and Special Topics (2023 Edition)

Author: Barbara Weltman, Sidney Kess, Greg White

This is the sixth in a series on Form 1120, focusing on estimated taxes and special topics or situations.

This course provides a refresher on the preparation of corporate income tax returns for 2021. It is designed to orient the practitioner with the latest changes in the field of taxation. This is the sixth in a series of courses on Form 1120 preparation of 2021 returns. The final course in this series reviews estimated tax payments and special tax planning rules for corporations. All of the courses in this series have been fully updated to reflect recent legislative changes.

Publication Date: September 2022

Designed For
Tax practitioners.

Topics Covered

• Estimated taxes
• Special Topics
• Audit Issues

Learning Objectives

• Recognize how to calculate required estimated tax payments to avoid penalties
• Identify how to outline the election options to use different annualized periods
• Describe the steps to file for quick refunds of overpayments
• Recognize the situations when a corporation must contend with the passive activity loss rules
• Outline the steps to avoid accumulated earnings penalties and personal holding company tax
• Detail the implications of multiple corporations
• Describe special rules for international businesses and their shareholders
• Describe audit strategies
• Identify how often a corporation is required to elect the optional annualization method
• Identify the overall audit rate for corporations other than S corporations in 2019 (the most recent year for which data is available) according to the 2021 IRS Data Book

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None