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Robert (Bob) Steele

This course currently consists of a comprehensive problem showing the data input process of a C Corporation into tax Form 1120.

This course will put together a systematic format of entering data into a Form 1120 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how M-1 adjustments function.

We will start by reviewing the data for the comprehensive problem.

Read more

This course currently consists of a comprehensive problem showing the data input process of a C Corporation into tax Form 1120.

This course will put together a systematic format of entering data into a Form 1120 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how M-1 adjustments function.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1120. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through the M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Enroll now

What's inside

Learning objectives

  • How to enter tax data for an c corporation into form 1120
  • How to use tax software to input a form 1120
  • How to use an excel worksheet to support tax data input for a c corporation tax return form 1120
  • How to enter and track m-1 adjustments

Syllabus

Introduction
Comprehensive Problem
Documents To Download
Comp 1 C Corporation Comprehensive Problem Part 1 Review Data
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Comp 2 C Corporation Comprehensive Problem Part 2 Excel Worksheet
Comp 3 C Corporation Comprehensive Problem Part 3 Review Tax Return
Comp 4 C Corporation Comprehensive Problem Part 4 Enter Beginning Balances
Comp 5 C Corporation Comprehensive Problem Part 5 Depreciation
Comp 6 C Corporation Comprehensive Problem Part 6 Balance Sheet
Comp 7 C Corporation Comprehensive Problem Part 7 Income Statement
Comp 8 C Corporation Comprehensive Problem Part 8 Retained Earning Reconciliatio
Comp 9 C Corporation Comprehensive Problem Part 9 Book Depreciation Adjusting En
Comp 10 C Corporation Comprehensive Problem Part 10 M-1 Depreciation
Comp 11 C Corporation Comprehensive Problem Part 11 M-1 Sale of Equipment
Comp 12 C Corporation Comprehensive Problem Part 12 M-1 Federal Income Tax
Comp 13 C Corporation Comprehensive Problem Part 13 Depreciation Fix Error
Comp 14 C Corporation Comprehensive Problem Part 14 M-1 Meals
Comp 15 C Corporation Comprehensive Problem Part 15 M-1 Bad Debt
Comp 16 C Corporation Comprehensive Problem Part 16 M-1 Tax Exempt Interest
Comp 17 C Corporation Comprehensive Problem Part 17 Sch. C Dividends
Comp 18 C Corporation Comprehensive Problem Part 18 Sch. D Capital Gain
Comp 19 C Corporation Comprehensive Problem Part 19 Capital Loss Carryover
Comp 20 C Corporation Comprehensive Problem Part 20 Officer Compensation
Comp 21 C Corporation Comprehensive Problem Part 21 Interest Income Adjustment
Comp 22 C Corporation Comprehensive Problem Part 22 Cost Of Goods Sold
Comp 23 C Corporation Comprehensive Problem Part 23 Estimated Payments
Comp 24 C Corporation Comprehensive Problem Part 24 Review & Diagnostics

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Save C Corporation Income Tax (Form 1120) to your list so you can find it easily later:
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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in C Corporation Income Tax (Form 1120) with these activities:
Review Corporate Tax Fundamentals
Reinforce your understanding of fundamental corporate tax concepts before diving into Form 1120 specifics. This will help you better grasp the nuances of the form and its relationship to broader tax principles.
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  • Review key definitions and concepts related to corporate taxation.
  • Practice basic corporate tax calculations.
  • Familiarize yourself with the general structure of Form 1120.
U.S. Master Tax Guide
Supplement your learning with a comprehensive tax guide to gain a broader understanding of the tax landscape. This will provide context for the specific details of Form 1120.
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  • Obtain a copy of the U.S. Master Tax Guide.
  • Review relevant sections on corporate taxation and Form 1120.
  • Use the guide as a reference tool throughout the course.
Practice M-1 Adjustment Scenarios
Solidify your understanding of M-1 adjustments through repetitive practice. This will improve your accuracy and speed when completing Form 1120.
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  • Find or create various scenarios involving common M-1 adjustments.
  • Calculate the M-1 adjustment for each scenario.
  • Record the adjustments in an Excel worksheet.
  • Compare your results with solutions to identify areas for improvement.
Four other activities
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Show all seven activities
Create a Cheat Sheet for Form 1120
Synthesize your knowledge by creating a concise cheat sheet summarizing key sections and calculations within Form 1120. This will serve as a valuable reference tool.
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  • Identify the most important sections and calculations within Form 1120.
  • Summarize each section in a clear and concise manner.
  • Include relevant formulas and examples.
  • Organize the cheat sheet for easy reference.
Build an Excel Template for M-1 Adjustments
Enhance your efficiency by creating a reusable Excel template for calculating and tracking M-1 adjustments. This will streamline the Form 1120 preparation process.
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  • Identify the common M-1 adjustments encountered in Form 1120.
  • Design an Excel template with input fields for relevant data.
  • Create formulas to automatically calculate the M-1 adjustments.
  • Test the template with various scenarios to ensure accuracy.
Federal Income Taxation of Corporations and Shareholders
Deepen your understanding of corporate tax law with a comprehensive treatise. This will provide a strong theoretical foundation for practical application of Form 1120.
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  • Obtain a copy of 'Federal Income Taxation of Corporations and Shareholders'.
  • Focus on chapters related to income, deductions, and M-1 adjustments.
  • Relate the concepts to the specific line items on Form 1120.
Tutor Other Students on Form 1120
Solidify your knowledge by teaching others how to complete Form 1120. Explaining concepts to others will reveal gaps in your own understanding.
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  • Offer tutoring sessions to other students struggling with Form 1120.
  • Prepare explanations and examples to illustrate key concepts.
  • Answer questions and provide guidance to your tutees.
  • Reflect on the tutoring experience to identify areas for further learning.

Career center

Learners who complete C Corporation Income Tax (Form 1120) will develop knowledge and skills that may be useful to these careers:
Enrolled Agent
Enrolled Agents are federally licensed tax practitioners who can represent taxpayers before the Internal Revenue Service. Their expertise lies in tax law and procedures, enabling them to assist individuals and businesses with tax preparation, planning, and resolution of tax issues. Earning the status of Enrolled Agent requires passing an examination. This course is a good introduction to a common form. In addition, the course mentions the use of Lacerte Tax software, which is software used by many professionals.
Tax Accountant
A Tax Accountant specializes in preparing and filing tax returns, ensuring compliance with tax laws and regulations. They often work with businesses and individuals to minimize tax liabilities through strategic planning. This course helps tax accountants learn a systematic format of entering data into Form 1120 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again. In particular, the course will be helpful with respect to M-1 adjustments. The course focuses on inputting data into Form 1120, using tax software and Excel worksheets, which are essential skills for a tax accountant.
Corporate Accountant
A Corporate Accountant focuses on managing the financial records and reporting for a corporation. Their responsibilities include preparing financial statements, analyzing financial data, and ensuring compliance with accounting standards. The course's systematic approach to entering data into Form 1120 will be useful to corporate accountants. By focusing on minimizing errors and understanding M-1 adjustments, the course helps corporate accountants improve the accuracy of financial reporting. Additionally, the use of tax software and Excel worksheets, as demonstrated in this course, enhances efficiency in preparing corporate tax returns. The comprehensive problem in the course provides good practice for the corporate accountant.
Tax Associate
Tax Associates support senior tax professionals by preparing tax returns, conducting tax research, and assisting with tax planning. They often work with various types of tax forms and schedules to ensure accurate and timely filings. This course may significantly benefit a tax associate, as it guides learners through the systematic data entry process for Form 1120. By emphasizing error minimization and the use of tax software like Lacerte, the course provides practical skills that can improve a tax associate’s efficiency and accuracy. The detailed coverage of M-1 adjustments will also enhance their understanding of corporate tax returns.
Staff Accountant
Staff Accountants typically handle a range of accounting tasks, including preparing journal entries, reconciling accounts, and assisting with month end closing procedures. They often support senior accountants and gain exposure to various aspects of financial accounting. The course's focus on tax data input for Form 1120 can be very helpful for the staff accountant, particularly in understanding the tax implications of financial transactions. The systematic approach taught in the course, along with the use of Excel worksheets, helps build a foundation in tax preparation. The comprehensive problem is a good exercise for the staff accountant.
Tax Analyst
Tax Analysts delve deeply into tax data to identify trends, ensure compliance, and optimize tax strategies. This role often involves data analysis of financial records, scrutiny of tax returns, and collaboration with other departments to align business activities with tax requirements. The course's emphasis on systematically entering data into Form 1120, minimizing errors, and using Excel worksheets for support is directly applicable to the responsibilities of the tax analyst. The comprehensive problem in particular will be beneficial. Furthermore, the detailed explanation of M-1 adjustments allows a tax analyst to better understand and interpret these critical components of corporate tax returns.
Public Accountant
A Public Accountant provides accounting services to a diverse range of clients, including individuals, small businesses, and large corporations. Their work encompasses tax preparation, auditing, and financial consulting. This course can be helpful for a public accountant, as it offers a systematic approach to preparing Form 1120, a common requirement for corporate clients. The course's focus on minimizing errors and accurately handling M-1 adjustments, especially in tax software, builds confidence in preparing complex tax returns. The detailed review of tax forms and the use of supporting Excel worksheets are valuable techniques for a public accountant.
Auditor
An Auditor reviews financial records and assesses the accuracy and compliance of financial statements. They may work internally for a company or externally for an auditing firm, examining financial processes and controls to ensure integrity. This course may be useful to an auditor, as it provides insights into the preparation of Form 1120, a key document in corporate tax compliance. Understanding how data is entered and how M-1 adjustments are handled helps auditors assess the accuracy of tax returns. The systematic data input approach and error minimization techniques covered in the course could be particularly beneficial.
Controller
Controllers oversee a company's accounting operations, ensuring the accuracy and integrity of financial reporting. This senior level role involves managing accounting teams, developing financial policies, and providing strategic financial guidance to management. While controllers deal with a broad range of accounting functions, this course may be useful for controllers who need a refresher on corporate tax return preparation. Understanding the systematic approach to Form 1120 and M-1 adjustments, as taught in this course, will help controllers ensure their teams are adhering to best practices and maintaining compliance.
Financial Analyst
Financial Analysts evaluate financial data, create financial models, and provide recommendations to support investment decisions and strategic planning. They analyze financial performance, identify trends, and assist in budgeting and forecasting. Form 1120 may be useful for a financial analyst, since it includes the corporation's financial data. While financial analysts do not typically prepare tax returns, understanding how a Form 1120 is put together will give them insight regarding the company's financial matters. Furthermore, the topics of depreciation and officer compensation may be useful financial analyst.
Business Owner
Business Owners manage all aspects of their company, from strategic planning to day to day operations. They make critical financial decisions and strive to ensure the profitability and sustainability of their businesses. While business owners often delegate tax preparation to professionals, understanding the basics of Form 1120 and corporate income tax can empower them to make informed decisions. This course may serve as a good introduction to the topic. The section on M-1 adjustments can be particularly informative, helping them to understand the differences between book and tax income and the impact on their company's financial statements.
Bookkeeper
Bookkeepers record financial transactions, maintain accurate records, and assist with the preparation of financial reports. They often use accounting software to keep track of income and expenses. This course may be useful to a bookkeeper since the course provides an overview of tax software. Additionally, the course's explanation of how to use an Excel worksheet to support tax data input could be beneficial for a bookkeeper.
Budget Analyst
Budget Analysts are responsible for developing and managing budgets, monitoring expenditures, and analyzing financial performance against budgetary goals. Budget analysts can benefit by knowing where financial information comes from. By taking this course, the budget analyst may become more aware of the information contained in the company tax return.
Business Consultant
Business consultants provide expert advice to organizations to help improve their performance and efficiency. These consultants may specialize in a variety of areas, including strategy, operations, finance, technology, and human resources. A business consultant may find it helpful to be familiar with Form 1120.
Real Estate Accountant
Real Estate Accountants specialize in managing the financial records and reporting for real estate companies or properties. This course may or may not be relevant, but knowing how M-1 adjustments function is useful knowledge. This information can help them manage depreciation and other real estate topics.

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in C Corporation Income Tax (Form 1120).
The U.S. Master Tax Guide comprehensive resource that provides clear explanations of federal tax laws. It is commonly used by tax professionals and students alike. offers a broad overview of tax concepts, which can be helpful for understanding the context of Form 1120. It is particularly useful as a reference tool for clarifying specific tax rules and regulations.
Provides an in-depth analysis of the federal income taxation of corporations and shareholders. It valuable resource for those seeking a deeper understanding of the legal and technical aspects of corporate taxation. While it may be more valuable as additional reading, it can provide a strong foundation for understanding the complexities of Form 1120. It is often used as a textbook in advanced tax courses.

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