Event Description

The Internal Revenue Code is just a different world! While most business school graduates learn basic GAAP or IFRS accounting principles, the tax world feels very foreign – because so many rules are different. For example, how do you depreciate assets if we don’t estimate their useful lives? Also, when do we need to file a tax return for a flow-through entity if they don’t actually pay any taxes? And when are estimated tax payments required? In this course, we will be exploring some basic principles for filing and paying business income taxes. If you are new practitioner or someone who is going out on your own for the first-time, and you find yourself intimidated by all of the income tax rules and compliance, we have you covered!

Objectives

Identify the main types of accounting methods that may be used on an income tax return.

State when a taxpayer must make estimated tax payments.

Recognize expenses that have special tax treatment.