In this webinar, you will develop and hone the fundamental input related to preparing Form 1120 returns in ProConnect Tax Online. The presentation is designed for intermediate users of ProConnect Tax Online who already have an understanding of the organization and layout of the program but would like to gain insights into the specific inputs surrounding a corporation’s tax return. 

This session will provide attendees with an understanding and confidence in preparing corporate returns. The topics explored will examine basic corporate income, deductions, and credits as well as how to enter and allocate information pertaining to officers and owners. A discussion surrounding the balance sheet, M-1, M-2, and M-3 will help build confidence in troubleshooting and resolving balance sheet questions within the program. 

       LEARNING OBJECTIVES:

        By completing this webinar, you will be able to:

Open and begin a corporation return
Enter officer demographic information
Complete corporation ownership information
Input general income items
Input cost of goods sold
Input dispositions, K-1s, and passive activity income
Enter general deductions
Input assets for depreciation
Enter officer compensation
Enter general business credits
Troubleshoot and resolve problems surrounding the balance sheet
Generate a net operating loss for a corporation

WHO SHOULD ATTEND?

Tax Professionals who understand the basic use of ProConnect Tax Online who need a refresher on corporation input within the program or that have never entered a corporation return in ProConnect Tax Online.

Course Level: Intermediate 

Course Length:  60 Minutes

Prerequisites:  Preparing a Simple 1040 in ProConnect Tax Online or equivalent knowledge 

Delivery Method: Group-Internet Based

Field of Study: Taxes - Technical

Recommended CPE: 1

Recommended CE: 1

IRS Category: Federal Tax Law Update

Online: NESGF-T-00095-19-O