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C Corporations - Income Tax Reporting  

CATEGORY: Taxation
COURSE ID: CLCOPC, VERSION 14.00
  Online & Mobile
7 CPE Credits

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 (CARES) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA).

The course has been updated to address relevant provisions of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES). The TCDTRA extended or made permanent many of the business tax credits included in the general business tax credit. 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. Notice 2020-26 is discussed 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.

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