This program begins the line-by-line examination of Form 1120. The analysis follows the same format as Form 1120, so this program begins at the top of Page 1. Other forms required to be attached to Form 1120 are discussed as well.

This program includes expert analysis by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on video and audio.

Use of Materials

The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the program before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of each chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Chapter 1 discusses the accounting period of a corporation, distinguishing between a calendar year and fiscal year and describing the implications of a change in accounting period.

Chapter 2 examines the consolidated return, describing the advantages and disadvantages of filing a consolidated return, and the personal holding company (PHC), including an explanation of PHC income.

Chapter 3 explains additional items appearing on Page 1 of Form 1120, such as the employer identification number, date of incorporation, signatures required on the tax return, etc.

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskpoint presents analysis or commentary that attempts to explain or clarify statutory or regulatory authority or decisions by the judiciary.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

E. Lynn Nichols, CPA, a practicing CPA for more than 35 years, is the founder of Mares Nichols CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma and a former member of the Editorial Board of the Ohio CPA Journal. In 2005, Mr. Nichols was honored by the Ohio Society of CPAs with its Gold Medal for Meritorious Service to the Accounting Profession. In 2008, he was selected by the Ohio Society of CPAs as one of Ohio's outstanding CPAs. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Contributing Author and Speaker)

John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the former chair of PKF's International Tax Committee. He is also a member of the International Tax Planning Association. Previously, he was the Director of Tax Policy for Potomac Electric Power Company. He also taught at Keller Graduate School of Management, College of William and Mary, and George Washington University. Mr. Norman is a noted speaker and author of several publications in the area of federal taxation and a regular contributor to Bisk Education's CPE Network. (Speaker)