Professional Course

Corporate Tax Updates in 2021

1 day
1 day
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Course description

Corporate Tax Updates in 2021

Gain an understanding of planning strategies and deadlines that will create tax benefits and manage tax reporting issues.

This topic will provide you with an overview of the current 2021 corporate tax issues reported for businesses, including reconciling the differences between book and tax income and expenses. The range of topics will include tax elections and methods, changes in income tax rates, and changes in historical income tax deductions and benefits created by the recent tax changes during 2020. With changes in the Congress and White House beginning in 2021, the content will consider changes in corporate tax policy based on current updates for COVID-19 relief and corporate tax increases.

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Who should attend?

This live webinar is designed for

  • Accountants
  • CFOs
  • controllers
  • accounts payable professionals
  • tax managers
  • presidents and vice presidents
  • bookkeepers
  • enrolled agents and attorneys.

Training content

Accounting for Corporate Tax

  • Definitions and Terms
  • Recordkeeping Requirements
  • Reporting Book/Tax Differences
  • Impact of Methods of Accounting

Identifying Tax Elections and Benefits

  • New Tax Rules for Small Business
  • Tax Issues and Rates for Categories of Business
  • Depreciation Impact on Income Taxes
  • Taxable Exchanges and Inventory Issues

Identifying Tax Changes From 2020 CARES Act and CA Act

  • Net Operating Loss and Excess Loss Benefits
  • Interest Expense Deduction Limitations
  • Paycheck Protection Program and Tax Issues
  • Tax Forms Added to Disclose Tax Information
  • Foreign Income Tax Credits/Rate Differences

COVID-19 Issues Update

  • PPP Loan Forgiveness Reporting
  • Deductible Expenses From PPP Loans
  • Employee Retention Credit
  • Payroll Tax Deferral

Top Examples and Cases of Corporate Tax Reporting

  • Classic New Business With Losses/Startup Issues
  • Adding Investors and Capital Contributions
  • Compensation vs. Dividend Taxation
  • Consolidation of Parent and Subsidiaries
  • Mergers and Acquisition Transactions

Certification / Credits

Learning Objectives

  • You will be able to identify accounting and tax rules which create differences in reporting corporate tax.
  • You will be able to review U.S. tax compliance issues and requirements for recent changes in tax forms.
  • You will be able to discuss U.S. benefits and alternatives for choosing a C corporation as a business entity.
  • You will be able to recognize planning strategies and deadlines that will create tax benefits and manage tax reporting issues.

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Lorman Education Services
Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

Lorman Education Services - Live and On-Demand Courses

Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...

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