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Prerequisite
Overview of Federal Income Taxation
Knowledge Level
Intermediate
Copyright
2009
Publication Date
October, 2009
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| Introduction |
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Organization |
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Learning Objectives |
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Author Bios |
| Title: |
Form 1120S: Deductions |
| Prerequisite: |
Overview of Federal Income Taxation or comparable knowledge/experience |
| Advance Preparation: |
None |
| Knowledge Level: |
Intermediate |
| Subject Matter Area: |
Taxes |
| Date of Publication: |
October 2009 |
| Copyright © |
2009 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
7 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
This program takes a look at deductions that may be available to the corporation, including officers' compensation, salaries and wages paid to employees, and repair and maintenance expenses. In addition, it discusses the deductibility of bad debts, rents, taxes, and interest. It also reviews depreciation methods, the luxury auto rules, the IRC §179 expensing election, cost and percentage depletion, advertising expenses, as well as pension and profit sharing plans, employee benefit programs, amortization of start-up costs, and expenses subject to the deduction limitation rules.
This program includes expert analysis by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video.
Use of Materials
Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter 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 the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. 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 DVD or listening to the audio CDs 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 DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.
Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter 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 the 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.
This program is divided into sixteen (16) chapters.
Chapter 1 provides a list of deductions available to S corporations in the order that they are reported on Page 1 of Form 1120S.
Chapter 2 addresses the requirements for deducting officer's compensation.
Chapter 3 discusses the rules regarding the deductibility of salaries and wages paid to employees.
Chapter 4 considers how to determine if a worker should be classified as an employee or independent contractor and the penalties that may be imposed as a result of misclassification of employees as independent contractors.
Chapter 5 addresses how to evaluate whether the cost of repairs and maintenance should be expensed or capitalized.
Chapter 6 takes a look at the requirements for claiming a bad debt deduction and the methods of writing-off bad debts.
Chapter 7 explains the requirements for deducting rents paid by an S corporation, the factors used in determining when a lease is actually a purchase, and how to calculate the automobile lease inclusion amount.
Chapter 8 describes the deductibility of taxes and fees paid by an S corporation.
Chapter 9 discusses the types of separately stated interest expense, the interest capitalization rules of IRC §263A, and the deductions allowed for interest paid on corporate owned life insurance policies.
Chapter 10 addresses the methods and conventions used in depreciating property, the new IRC §179 deduction limits, bonus depreciation, the depreciation deduction limits on automobiles, and the current standard mileage rates.
Chapter 11 takes a look at the property eligible for depletion and the applicability of the cost and percentage depletion methods.
Chapter 12 explains the requirements for deducting advertising expenses.
Chapter 13 summarizes the deductible costs related to pension, profit sharing, and other plans, as well as the forms required to be filed by employers maintaining these plans.
Chapter 14 addresses the deductible costs associated with employee benefit plans such as health insurance payments, fringe benefits, and adoption and educational assistance programs.
Chapter 15 considers the deductions available for organizational and start-up costs, as well as IRC §197 intangible assets, and travel and entertainment expenses.
Chapter 16 describes other deductible and nondeductible expenses and the expenses that are subject to a deduction limitation.
Helpful Guidance
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 Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.
A Biskplan offers a strategy/discussion point when a practitioner is faced with a particular issue or situation.
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.
Upon successful completion of this program, the user should be able to:
- Describe how an S corporation reports its deductions on Page 1 of Form 1120S
- Explain the factors used to determine compensation and the requirements for deductibility
- Determine the deductibility of salaries, vacation, and severance pay
- Explain the factors involved in classifying workers and the effect on the deductibility of costs associated with each class of worker
- Discuss the key criteria used in determining if an expense extends the life of an asset or adds to its value
- Discuss the requirements for claiming deductions for bad debts and for costs associated with qualified retail improvement property and the acquisition of a lease
- Determine which taxes paid by an S corporation are deductible
- Explain the requirements for capitalizing interest under IRC §263A
- Explain the requirements for depreciating property, including the auto rules, new IRC §179 limits, and bonus depreciation
- Explain the eligibility for taking a deduction for depletion and advertising
- Discuss the forms required to be filed by employers with pension, profit-sharing, or other deferred compensation plans
- Determine the deductibility of costs related to employee benefit programs
- Apply the capitalization and amortization rules relating to organizational expenditures, start-up costs, and IRC §197 intangible assets
- Discuss which expenses are subject to the deduction limitation rules
Stephen T. Galloway, JD, joined Bisk Education, Inc., as a tax editor in 1991 and has served as Vice President and Managing Editor since 1995. He is responsible for all content development in the CPA Review and Continuing Professional Education product lines, as well as all audio and video operations of the Company. Mr. Galloway's background includes more than a decade of legal and public accounting experience, mostly in the tax and litigation services groups of Coopers & Lybrand, LLP (now PricewaterhouseCoopers, LLP). He has authored several books and monthly publications in the area of taxation, as well as produced numerous audio and video programs in taxation, accounting and auditing, and graduate-level business administration. Mr. Galloway earned his undergraduate degree in Social and Behavioral Sciences from The Johns Hopkins University and his Juris Doctorate from University of Maryland School of Law. (Author)
Ian J. Redpath, JD, LLM, is a nationally recognized tax attorney and consultant from Buffalo, New York. He is a principal in the Redpath Law Offices in Buffalo and New York City where he specializes in tax litigation matters. Mr. Redpath has published numerous articles on contemporary tax issues and co-authored several books. He has extensive national and international experience in developing, writing, and presenting professional CPE programs. Mr. Redpath holds a Bachelor's degree from Hillsdale College, a JD from the University of Detroit, and an LLM (tax emphasis) from the University of Wisconsin. In addition to his active tax practice, he serves as an Associate Professor of Taxation at Canisius College in Buffalo. (Contributing Author)
Michael J. Tucker, LLM, CPA, is a consultant with the accounting firm of T.M. Byxbee Company, P.C., in Hamden, Connecticut. In his practice, Mr. Tucker handles a wide variety of client transactions, including mergers and acquisitions, entity formations and dissolutions, and distributions to owners/shareholders/partners. He is also a Professor of Accounting at Quinnipiac University in Hamden, Connecticut. Author of over 100 articles and books dealing with various tax topics, Mr. Tucker is a frequent lecturer at conferences and seminars throughout the country. Recently, Mr. Tucker has expanded his practice and lecturing to include topics related to the workplace, including sexual harassment and employer/employee relations. He holds an LLM in Taxation from Georgetown University Law Center, a Juris Doctorate from New York University School of Law, a PhD in Accounting from University of Houston, and an MBA from New York University. (Contributing Author)
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 the 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 he is a regular contributor to CPE Network. (Contributing Author/Speaker)
E. Lynn Nichols, CPA (PA), 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. 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. (Speaker)
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Bisk Education, Inc. • 9417 Princess Palm Ave. •
Tampa, FL 33619 • 800-404-7438
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Bisk Education is
registered with the National Association of State Boards of Accountancy (NASBA)
as a sponsor of continuing professional education on the National Registry of
CPE Sponsors. State boards of accountancy have final authority on the
acceptance of individual courses. Complaints regarding registered sponsors may
be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North,
Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Bisk Education is
registered with the National Association of State Boards of Accountancy as a
Quality Assurance Service (QAS) sponsor of continuing professional education.
Participating state boards of accountancy have final authority on the
acceptance of individual courses for CPE credit. Complaints regarding
registered sponsors may be addressed to the Quality Assurance Service, 150
Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Enrolled Agents Sponsor ID Number: 552. We have entered into an agreement with
the Office of Professional Responsibility, Internal Revenue Service, to meet
the requirements of 31 Code of Federal Regulations, section 10.6(g), covering
maintenance of attendance records, retention of program outlines,
qualifications of instructors, and length of class hours. This agreement does
not constitute an endorsement by the Office of Professional Responsibility as
to the quality of the program or its contribution to the professional
competence of the enrolled individual.
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