C Corporation Income Tax (Form 1120)
4.2 (23 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
5,612 students enrolled

C Corporation Income Tax (Form 1120)

Learn to enter tax data for a C Corporation into tax Form 1020 from a CPA
4.2 (23 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
5,612 students enrolled
Last updated 12/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 5.5 hours on-demand video
  • 1 article
  • 1 downloadable resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • How to enter tax data for an C Corporation into Form 1120
  • How to use tax software to input a Form 1120
  • How to use an Excel worksheet to support tax data input for a C Corporation tax return Form 1120
  • How to enter and track M-1 adjustments
Requirements
  • None
Description

This course currently consists of a comprehensive problem showing the data input process of a C Corporation into tax Form 1120.

This course will put together a systematic format of entering data into a Form 1120 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how M-1 adjustments function.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1120. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through the M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Who this course is for:
  • Tax professionals
  • Business owners considering a Partnership form of business entity
  • Tax and accounting students
Course content
Expand all 26 lectures 05:18:06
+ Comprehensive Problem
25 lectures 05:10:05
Documents To Download
00:00
Comp 5 C Corporation Comprehensive Problem Part 5 Depreciation
15:16
Comp 6 C Corporation Comprehensive Problem Part 6 Balance Sheet
12:13
Comp 7 C Corporation Comprehensive Problem Part 7 Income Statement
22:13
Comp 8 C Corporation Comprehensive Problem Part 8 Retained Earning Reconciliatio
06:13
Comp 9 C Corporation Comprehensive Problem Part 9 Book Depreciation Adjusting En
21:21
Comp 10 C Corporation Comprehensive Problem Part 10 M-1 Depreciation
16:03
Comp 11 C Corporation Comprehensive Problem Part 11 M-1 Sale of Equipment
22:07
Comp 12 C Corporation Comprehensive Problem Part 12 M-1 Federal Income Tax
10:04
Comp 13 C Corporation Comprehensive Problem Part 13 Depreciation Fix Error
16:32
Comp 14 C Corporation Comprehensive Problem Part 14 M-1 Meals
06:21
Comp 15 C Corporation Comprehensive Problem Part 15 M-1 Bad Debt
07:38
Comp 16 C Corporation Comprehensive Problem Part 16 M-1 Tax Exempt Interest
06:44
Comp 17 C Corporation Comprehensive Problem Part 17 Sch. C Dividends
10:02
Comp 18 C Corporation Comprehensive Problem Part 18 Sch. D Capital Gain
07:51
Comp 19 C Corporation Comprehensive Problem Part 19 Capital Loss Carryover
06:56
Comp 20 C Corporation Comprehensive Problem Part 20 Officer Compensation
08:39
Comp 21 C Corporation Comprehensive Problem Part 21 Interest Income Adjustment
04:35
Comp 22 C Corporation Comprehensive Problem Part 22 Cost Of Goods Sold
19:43
Comp 23 C Corporation Comprehensive Problem Part 23 Estimated Payments
08:47
Comp 24 C Corporation Comprehensive Problem Part 24 Review & Diagnostics
23:51