Help on Corporate Tax Returns??? Any tax accountants anywhere???
Help on Corporate Tax Returns??? Any tax accountants anywhere???
Can anyone give me help or links on corporate tax returns...break down of its concepts and maybe a line per line summary of how each works. I'm starting a new job soon regarding corporate tax returns for a CPA firm, so if anyone out there are tax accountants responsible for corporate tax returns, please could you give me some tips on what to focus on and what I should really study before I start??? THanks
I'm actually gonna work for a Big 4 firm so chances are their clientele's worth are in the 10's of millions...im just very doubtful so i figured i've asked a few questions for all you guys
Answers:
Chosen Answer
Info@bcbsinc.com: http://www.irs.gov If you type in lets say 2006 Form 1120 which is a Corporate Tax Return, or if you type in lets say 2006 Form 1120S for example, which is a S-Corporation tax return, there will be many links and such for these matters. You will never find a better site than revenues for these matters so we wont' even direct you to many others. and or the latest rules that they are subject. In all, believe us when we say this, there is little difference overall to preparing a Corporate Return than there would be might say to preparing one for a partnership or even a sole proprietorship. We know, we prepare them for many people. Of course it gets a little more complex when you mus reconcile the balance sheets or M1 and M2 schedules but not so bad though. Then again, much like a partnership, Multiple Member LLC etc. that has not elected to be treated as some other form of entity for Income Tax Purposes, or even a S Corp. you only have to prepare those bad boys (aka bal sheet, M1 and M2's) if the company grosses more than 250k in income or has more than 250k in assets. The latter not very likely for many companies. Most companies even corps float around a 100k or maybe 200 or so, so I wouldn't worry too much about it. Honestly though, Corporate returns are not much more difficult than that say of a Sole Proprietorship. Sounds funny I know but true facts. We are an accounting firm just so as you know. And hey those programs will help anyway. Plug the numbers, and tax away. (smiles) Honestly though it does help to know how to do them. I see many flaws in programs and many times they are not so straight-forward black and white and of course to know this will take experience and much reading of lovely stuff. Hey we love to read it so read away. Did you know that most CPA's are not able to pass the IRS testing on the Enrolled Agent exams? - funny. would you believe that we even have Accountants that we do income taxes for? (have to love that one huh?). Good luck; but honestly though, the site given is the best. BC Business Services, Inc. http://www.bcbsinc.com
2007-08-11 16:15:38
Info@bcbsinc.com: http://www.irs.gov If you type in lets say 2006 Form 1120 which is a Corporate Tax Return, or if you type in lets say 2006 Form 1120S for example, which is a S-Corporation tax return, there will be many links and such for these matters. You will never find a better site than revenues for these matters so we wont' even direct you to many others. and or the latest rules that they are subject. In all, believe us when we say this, there is little difference overall to preparing a Corporate Return than there would be might say to preparing one for a partnership or even a sole proprietorship. We know, we prepare them for many people. Of course it gets a little more complex when you mus reconcile the balance sheets or M1 and M2 schedules but not so bad though. Then again, much like a partnership, Multiple Member LLC etc. that has not elected to be treated as some other form of entity for Income Tax Purposes, or even a S Corp. you only have to prepare those bad boys (aka bal sheet, M1 and M2's) if the company grosses more than 250k in income or has more than 250k in assets. The latter not very likely for many companies. Most companies even corps float around a 100k or maybe 200 or so, so I wouldn't worry too much about it. Honestly though, Corporate returns are not much more difficult than that say of a Sole Proprietorship. Sounds funny I know but true facts. We are an accounting firm just so as you know. And hey those programs will help anyway. Plug the numbers, and tax away. (smiles) Honestly though it does help to know how to do them. I see many flaws in programs and many times they are not so straight-forward black and white and of course to know this will take experience and much reading of lovely stuff. Hey we love to read it so read away. Did you know that most CPA's are not able to pass the IRS testing on the Enrolled Agent exams? - funny. would you believe that we even have Accountants that we do income taxes for? (have to love that one huh?). Good luck; but honestly though, the site given is the best. BC Business Services, Inc. http://www.bcbsinc.com
2007-08-11 16:15:38
Eduardo Fisher, San Jose, CA: There is no magic bullet for learning what goes into a corporate tax return. There are really just a few major areas you need to brush up on. The rest you are going to have to learn on the job.
1. Book to tax differences. The heart of a corporate income tax return is the book to tax differences. These differences arise because the tax laws require corporations to recognize items of income or expense differently that is required under GAAP. There are two types of book to tax differences: temporary and permanent. Temporary differences are the result of timing differences in the recognition. For example, depreciation expense is usually taken at a different rate for tax than for book. So you might have a $100 depreciation expense for book and an $80 expense for tax. The book to tax difference is $20, and you would basically have to add back the $100 book expense and deduct the $80 tax expense. Eventually, timing differences zero out. The other type of difference is a permanent differences. For example, under GAAP, 100% of meals and entertainment are deductible, but for tax purposes you can only deduct half. There are too many book to tax differences to list here. A good place to start understanding what they might be would be to look at some existing returns.
2. Tax credits. There are often multiple tax credits that corporations might qualify for. For example, the R&D credit is a big one for many companies. These credits reduce tax dollar for dollar.
3. Disclosures. The IRS and many states require a good deal of information that does not impact tax. Disclosures may include information input directly on the return, ancillary schedules, or on user generated forms.
Tax compliance is a huge field. It just takes time to get the hang of it, and there will always be things you don't know. IRS instructions, the code and regs, and a good research service like RIA or CCH can often help you figure out what you need to do. And of course, you should always discuss with more experienced tax professionals.
Eduardo Fisher
San Jose, CA
2007-08-13 10:02:37
2007-08-13 10:02:37