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C Corporations-Accounting for Special Income and Deduction Items  

CATEGORY: Taxation
COURSE ID: CLCOPA, VERSION 17.00
  Online & Mobile
5 CPE Credits

Benefit from a review of the basics of gross income inclusions and exclusions as well as special areas of income and deductions applicable to C corporations in determining taxable income. Topics covered in this course include selection of an accounting method for income and expense recognition; treatment of corporate capital gains and losses; deductions for charitable contributions of cash, ordinary income, and capital gain property; excessive compensation resulting from excess parachute payments; publicly held company limitation on excess compensation deduction; bad debt expense; and other corporate-related expenses.

This course has been updated for tax laws passed through the American Rescue Plan Act of 2021 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (signed by the President on March 11, 2021 and December 27, 2020, respectively) as they apply to C corporations. Of particular emphasis is the extension of the ability for a corporation to elect to deduct qualified contributions in excess of the general taxable income limitation for qualified contributions made during 2021, as well as the impact for this change on the utilization of charitable contribution carryovers. Additionally, the course is updated to reflect the expansion for the definition of covered employee under IRC Sec. 162(m) for tax years beginning after Dec. 31, 2026 related to deductions disallowed for compensation in excess of $1 million paid by publicly traded companies and the enactment of Reg. Sec. 1.162-33 clarifying the changes made to IRC Sec. 162(m) by the Tax Cuts and Jobs Act of 2017.

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