Corporate Tax Updates: Form 1120 and 1120-S

Credit(s)

IRS CPE Credits: 1 Tax hour

Staying Ahead of Corporate Tax Changes: What You Need to Know!

As corporate tax rules continue to evolve, staying current is no longer optional—it’s essential. This live session, led by seasoned tax attorney Nicholas Preusch, offers practical insights into the latest changes affecting C Corporations and S Corporations. Whether you’re preparing or reviewing corporate returns, this session will help you navigate the complex tax landscape for this filing season and beyond with confidence.

This timely update will walk you through recent legislative changes, key updates to Forms 1120 and 1120-S, regulatory guidance, and critical compliance considerations—so you can file accurately, minimize risk, and confidently advise your clients.

Webinar Objectives

By the end of this course, attendees will be able to:

• Identify what’s new on Forms 1120 and 1120-S, including updated schedules and reporting rules.
• Understand how recent IRS guidance affects corporate deductions, credits, and international disclosures.
• Address shareholder-level concerns in S Corps, including basis reporting and loan tracking.
• Apply techniques to reduce the likelihood of audits and enhance return accuracy.
• Develop proactive strategies to help clients plan in light of current tax law trends.

Webinar Agenda

I. What’s New in Federal Tax Law

• Key tax legislation impacting corporations
• Recent IRS notices and procedural updates
• Regulatory changes with immediate filing implications

II. Form 1120: Updates and Hot Topics

• Timing of income recognition and deferred revenue traps
• Deduction limits and compliance with Section 163(j)
• Navigating revised Schedules K-2 and K-3
• Understanding the corporate alternative minimum tax (CAMT)

III. Focus on Form 1120-S

• Reporting shareholder basis and debt obligations
• Handling distributions, built-in gains, and AAA account changes
• Compliance issues around shareholder compensation
• How the IRS is scrutinizing S Corps in 2024

IV. Audit Risks and How to Reduce Them

• IRS priorities for corporate tax audits
• Red flags and common errors on Forms 1120 and 1120-S
• Supporting documentation best practices

V. Tax Planning in Today’s Environment

• Identifying short- and long-term savings opportunities
• Evaluating restructuring options and tax implications
• Preparing clients for anticipated changes and transitional rules

VI. Ask the Expert: Live Q&A

• Get answers to your toughest client scenarios
• Learn from real-world examples and participant questions

Who Should Attend

Tax professionals, CPAs, enrolled agents, attorneys, and corporate finance teams responsible for preparing or reviewing business tax filings.