Optional Self-Study CPE courses included with Quickfinder CPE Collection. Obtaining CPE credit requires payment of grading fee.

Tax Planning for Businesses

Course Description: This interactive self-study course provides an introduction to tax issues faced by small businesses. Lesson One discusses tax payments, including estimated tax payments. Lesson Two covers how a small business might be affected by the alternative minimum tax. Business income tax including the accumulated earnings tax and the built-in gains tax are the subjects of Lesson Three. The last lesson outlines various tax credits available to businesses.

Effective Date: July 2009

Recommended for: Users of Tax Planning for Businesses Quickfinder® Handbook

Prerequisite/Advance Preparation: Basic knowledge of tax preparation

CPE Credit: 8 QAS Hours, 8 Registry Hours 8 CTEC Federal Hours 0 CTEC California Hours CPAs: Check with the state board of accountancy in the state in which you are licensed to determine if they participate in the QAS program and allow QAS CPE credit hours. Alternatively, you may visit the NASBA website at www.nasba.org for a listing of states that accept QAS hours. For those states requiring 100-minute contact hours for self study, the course qualifies for four credit hours. Enrolled Agents: This CPE course is designed to enhance professional knowledge for Enrolled Agents. PPC is a qualified CPE Sponsor for Enrolled Agents as required by Circular 230 Section 10.6(g)(2)(ii).

Field of Study: Taxes

Expiration Date: Postmarked by August 31, 2010

Knowledge Level: Basic

Learning Objectives:

Lesson 1 - Tax Payments Completion of this lesson will enable you to: Calculate the appropriate amount of corporate estimated tax due in the manner prescribed by the Internal Revenue Service. Determine the correct amount of estimated tax payments (if any) required to be made by a C Corporation, an S corporation or pass-through entity, and how to make deposits to suspend the running of interest on a potential underpayment of tax. Lesson 2 - Alternative Minimum Tax Completion of this lesson will enable you to: Calculate the correct amount of alternative minimum tax (AMT) required to be paid by a corporation including AMT adjustments, preferences and ACE adjustments. Prepare a correct calculation of the AMT net operating loss (if any) and correctly apply this loss against the AMT taxable income of the appropriate year. Determine if the corporation meets any tests that would exempt it from AMT under the provisions for small corporations. Identify the actions to eliminate or reduce the amount of AMT that would otherwise be due for the tax year. Lesson 3 - Business Income Taxes Completion of this lesson will enable you to: Identify taxes imposed on the corporation for the current tax year. Determine if the corporation is subject to the accumulated earnings tax and how to determine the correct amount of such tax. Determine if the corporation is considered a personal holding company (PHC) and, if so, calculate the amount of PHC tax that might be due. Recognize if any corporate-level taxes or taxes unique to an S Corporation might be due for the year and calculate the LIFO recapture tax. Lesson 4 - Tax Credits Completion of this lesson will enable you to: Describe the various tax credits that are available to the business such as the general business credit, passive activity credit, foreign tax credit, and credit for federal excise tax on gasoline and special fuels. Identify the various credits that make up the general business credit and how to correctly apply limitations, and handle excess and unused credits. Calculate the correct amount of the minimum tax credit and determine how to handle any excess credits for a particular year.

To Complete This Learning Process: Send your completed Examination for CPE Credit Answer Sheet, Course Evaluation and payment to: Thomson Reuters Tax & Accounting-R&G DBPTG09 Self-study CPE 36786 Treasury Center Chicago, IL. 60694-6700 See the test instructions included with the course materials for more information.

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