- NY Credits : 7.0
- TX Credits : 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 7.0
This course presents an in-depth review of the dividends-received deduction, net operating losses, related party transactions, tax credits, computation of the corporate tax liability, and calculation and due dates for corporate estimated tax payments. This intermediate level course is most appropriate for the professional with detailed knowledge in C corporation taxation or the professional seeking to expand his or her knowledge base and may be at a mid-level position within an organization with operational or supervisory responsibilities, or both. This course is updated for the Coronavirus Aid, Relief, and Economic Security Act.
The course has been updated to address relevant provisions of tax laws through the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law by President Trump on March 27, 2020. The CARES Act permits corporations (including insurers and farming businesses) to carryback net operating losses arising in tax years beginning after December 31, 2017 and before January 1, 2021, to the five preceding tax years; and temporarily eliminates the 80% taxable income limitation for taxable years beginning before January 1, 2021. The Act also increases the corporate charitable contribution limit for cash contributions made in 2020. Rev. Proc. 2020-24 is discussed, which provides guidance to corporations regarding available elections as a result of the net operating loss carryback provisions. Notices 2020-18 and -23 are discussed related to the postponement of certain federal tax filings and federal tax obligations until July 15, 2020; as well as Notice 2020-26, which extends the filing due date for Form 1139 relating to a tentative carryback and refund adjustment associated with a net operating loss carryback or a minimum tax credit carryback.
Upon successful completion of this course, the user should be able to:
identify the dividends-received deduction and net operating losses,
recognize the treatment of gains and losses on related party transactions,
recognize the general business tax credit and tax credits for research and experimentation expenses, and
compute the corporate tax liability and identify estimated tax payments.