- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
This course provides an introduction and base of knowledge to the advanced topic of consolidated tax returns. The advantages, disadvantages, definition, and illustrations of affiliated groups are presented as well as the control and stock ownership test. Administrative rules governing the consolidation election is explained including the discontinuing the election, the parent entity as agent and errors of inclusion or exclusion. Accounting periods and methods including short periods and separate returns are explained. The complicated topic of reverse acquisitions is defined, broken down and illustrated. Taking into consideration the 2017 Tax Cuts and Jobs Act before wrapping up with a presentation on the rules involving intercompany transactions including the rule on matching, acceleration, simplification and avoidance. This course is most appropriate for the professional with detailed knowledge in consolidated tax returns who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize the rules related to an affiliated group,
determine the application of rules including the consolidated return election, the parent entity as an agent and errors of inclusion or exclusion,
identify the proper utilization of accounting periods and methods,
define and apply the methods and rules for reverse acquisitions, and
apply the matching rule, acceleration rule, and the simplification and avoidance rules to intercompany transactions.