Corporation Tax and Credits

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 2 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: Jan, 2010
Accreditation: QAS, NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Federal Income Tax Calculations
Learning Objectives 1
Figuring the Tax
Personal Service Corporations
Controlled Group of Corporations
Short Year Calculations


Lesson 2 - Alternative Minimum Tax
Learning Objectives 2
Alternative Minimum Taxable Income
Adjustments and Preferences
Accelerated Depreciation
Circulation Costs
Mining Exploration and Development Costs
Long-Term Contracts
Installment Sales of Certain Property
Adjusted Gain or Loss
Certain Loss Limitations
Tax Shelter Farm Loss
Passive Activity Loss
Capital Construction Funds of Shipping Companies
Accelerated Depreciation - Real Property Placed Before 1987
Accelerated Depreciation - Leased Personal Property -- Before 1987
Percentage Depletion
Intangible Drilling Costs (IDCs)
Bad Debt Deductions - Financial Institutions
Tax-Exempt Interest on Specified Private Activity Bonds
Optional Write-Off
Other Adjustments
Alternative Tax Net Operating Loss Deduction
Adjusted Current Earnings (ACE)
Exemption Amount
Tentative Minimum Tax and AMT


Lesson 3 - Estimates and Payments
Learning Objectives 3
Estimates
Exempt Corporations
Subject to estimates
Alternative One
Alternative Two
Alternative Three
Alternative Four
Short Years
Payments


Lesson 4 - General Business Credits
Learning Objectives 4
General Business Credit
Passive Limits
Tax limit
Carrybacks and Carryforwards
Investment Tax Credit
Rehabilitation credit
Business energy credit
Work Opportunity Credit
Alcohol Fuel Credit
Research Credit
Low Income Housing Credit
Disabled Access Credit
Renewable Electricity Production Credit


Lesson 5 - Other Credits
Learning Objectives 5
Alternative Minimum Tax Credit
Employer Provided Child Care
Pension Plan Startup Costs

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Figure a corporation's tax calculation.
  • Determine the apportionment plan of a controlled group.

    • Pay particular attention to paragraphs marked by the Wiseguy.

    He'll guide you to key issues.



Lesson - 2
After completing Lesson 2, you will be able to:
  • Compute the exempt portion of a corporation's taxable income regarding the alternative minimum tax
  • Compute the alternative minimum tax when the corporation's tentative minimum tax exceeds its regular tax
  • Determine when depreciation must be refigured for AMT purposes
Lesson - 3
After completing Lesson 3, you will be able to:
  • Determine if the corporation must use EFTPS
  • Identify when the seasonal method of figuring estimates might be used
Lesson - 4
After completing Lesson 4, you will be able to:
  • Identify the order to carryback/carryforward unused credits
  • Identify how to claim the general business credits
Lesson - 5
After completing Lesson 5, you will be able to:
  • Identify the requirements for the Small Employer Pension Start-up Costs Credit