2014 C CORPORATION INCOME TAX RETURN MINI-CHECKLIST (FORM 1120)

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1 2014 C CORPORATION INCOME TAX RETURN Client Name and Number Prepared by Date Reviewed by Date GENERAL INFORMATION DONE N/A 1) Consider if any conflict(s) of interest exist(s) between the entity and its officers and/or shareholders. 2) Consider obtaining signed engagement letter/privilege engagement letter, power of attorney in addition to Third Party Designee check box option. 3) Review prior year returns, working papers, correspondence, permanent file and audit results. 4) Review and update corporation s name, address, fiscal year and business code. 5) Review pro forma/organizer for accuracy. 6) Review and update carryforward schedules, including effect of prior period tax audits. 7) Review methods of accounting (Rev. Proc , as modified by Rev. Procs and ). 8) Determine whether taxpayer has a written accounting policy with respect to the new repair vs. capitalization regulations (T.D. 9636). 9) Consider filing Form 3115 for change in accounting method to apply new repair vs. capitalization regulations (T.D. 9636). One copy to IRS-Ogden and attach second copy to tax return. 10) Consider below-market-rate loan rules C CORPORATION INCOME TAX RETURN 1

2 GENERAL INFORMATION DONE N/A 11) Review financial statements and footnotes for relevant information. 12) Review Board minutes. 13) Consider Federal and State e-filing requirements. 14) Determine state and local filing requirements. 15) Consider if disaster relief provisions apply. 16) Consider if Form(s) 926, 5471, 5472, 8621, 8858, 8865, 8886, 8926, and/or 8938 are required. INCOME DONE N/A 1) Calculate gains, losses and recaptures on dispositions of property. 2) Compute proper dividends-received deduction. 3) If closely held or PSC, consider any passive loss limitations. Note rules pertaining to grouping of activities. 4) Consider: Advance payments. Deferred income and expenses. Disaster relief provisions. Discharge of indebtedness. Economic accrual of rent. Installment sales and related interest charge on deferred tax C CORPORATION INCOME TAX RETURN 2

3 INCOME DONE N/A Involuntary conversions in qualified disaster areas, including livestock. ( 1033(e) and (f) and Notices and ). Lease inclusion for luxury autos. Like-kind exchanges. Passive activities (See Passive Activity Checklist). Ordinary income on market discount bonds and deferral of related interest expense. Sales or exchanges between the corporation and shareholder(s) or other related parties. Timing differences. Wash sales. Worthless securities. DEDUCTIONS DONE N/A 1) Consider uniform capitalization rules. 2) For charitable contributions consider: If Form 8283 is required for noncash contributions. If adequate contemporaneous documentation was obtained for charitable contributions (Note receipts required for all cash donations). Basis adjustment rules for donations of appreciated property. Limits on donations if property disposed of within three years. 3) Determine officers compensation. 4) Determine deductibility of vacation pay accrual C CORPORATION INCOME TAX RETURN 3

4 DEDUCTIONS DONE N/A 5) Determine applicability of two and one half month deferred comp. rule for nonshareholder employees and independent contractors and 409A applicability. 6) Inquire if travel and entertainment expenses are sub-stantiated by adequate records. See Vehicle Related Guides. 7) Limit meals and entertainment to allowable percentage. 8) Consider limitations on deductibility of: Bad debts Casualty losses Club dues Lobbying expenses/association dues Materials and supplies (T.D. 9636) Organization expenses Repairs and maintenance (T.D. 9636) Split-dollar insurance Start-up expenditures State taxes Stock option compensation 9) Review amount and timeliness of retirement plan contributions. 10) Consider limitation on tax attribute utilization if there has been a more than 50% ownership change. 11) Consider the deduction for domestic production activities (Form 8903) C CORPORATION INCOME TAX RETURN 4

5 DEDUCTIONS DONE N/A 12) Consider limitation on personal use of business aircraft for entertainment purposes by officers, directors and > 10% owners. 13) Determine if 409A deferred compensation rules apply to compensation arrangements. 14) Consider basis limitations and at-risk rules. DEPRECIATION/AMORTIZATION DONE N/A 1) Consider the following: 179 election. 179D election, if extended. Additional first-year depreciation, if extended. Methods and lives. Cost segregation study. Listed property. Capitalization of leased property. Amortizable items, including goodwill, are written off over the correct periods. Like-kind exchange and involuntary conversion rules. 2) Consider amending returns to make and/or revoke a 179 election. 3) Compute AMT and ACE depreciation. 4) Compute state depreciation if different C CORPORATION INCOME TAX RETURN 5

6 TAX COMPUTATION AND CREDITS DONE N/A 1) Reconcile income and expenses per return with books. 2) Prepare Schedule M-3, Form 8916, Form 8916-A, if applicable. 3) Compute AMT, including ACE adjustment. Note small corporation exception. 4) Consider tax credits. See Section 500 of Long Form checklist for more details. 5) Determine if PHC tax is applicable. 6) Consider accumulated earnings tax exposure. 7) Determine if 35% PSC tax applies. 8) Confirm prior year overpayments, estimates and extension payments. 9) Compute underpayment penalties. 10) Prepare estimates for following year (EFTPS). OTHER REQUIREMENTS DONE N/A 1) Determine if NOL, capital loss or credit carryback claim is required. 2) Consider election to relinquish NOL carryback. 3) Consider economic performance rules and recurring item exception C CORPORATION INCOME TAX RETURN 6

7 OTHER REQUIREMENTS DONE N/A 4) Consider elections and statements such as: Amortizing/expensing business start-up costs (T.D. 9542). Amortizing/expensing organization expenses (T.D. 9542). Cash vs. accrual method of accounting. Exception from economic performance for recurring items and three and one half month rule. Expensing intangible drilling costs, mining development costs and circulation costs. Expensing materials and supplies under safe harbor rules (T.D. 9636). Expensing repairs and maintenance under safe harbor rules (T.D. 9636). Grouping/aggregating passive activities. Method for valuation of inventory. Ratable accrual of real property taxes (first year only). Reorganization disclosure statements. Research and experimental costs. 5) Consider change in accounting method or period. See Form 3115 or Form 1128 instructions and note requirement to file copies with IRS Offices, as well as with tax return. 6) Determine if the corporation was a party to an applicable asset acquisition (Form 8594). 7) Inquire whether all information reporting returns have been filed. 8) Consider accuracy-related penalty ( 6662) C CORPORATION INCOME TAX RETURN 7

8 OTHER REQUIREMENTS DONE N/A 9) Consider requirement to file Form UTP to disclose uncertain tax positions for corporations with assets of $10 million or more. 10) Inquire if foreign financial accounts exist. Note e-filing requirements and June 30 filing deadline for FinCEN Form 114 and increased IRS scrutiny in this area. 11) If corporation purchased life insurance on employees or directors after August 17, 2006, consider whether the corporation satisfied the notification and annual information reporting requirements (Form 8925) ( 101(j), and 6039I). 12) Determine whether the corporation has any reportable transactions that should be disclosed on Form Note penalties for failure to disclose. 13) Compare taxable income and tax to projections for reasonableness. 14) Attach extension requests. 15) Determine if requirements for avoiding penalties for improper disclosure or use of taxpayer information by tax return preparers imposed under 6713 and 7216 have been met. Note state requirements may differ. 16) Consider preparer penalties. Consider filing Form 8275 or Form 8275-R to avoid penalties for non-shelters and non-reportable transactions. 17) Consider disclosure requirements for written tax advice under Circular 230 (T.D. 9668). 18) Note tax planning/additional service suggestions. Copyright 2014 American Institute of CPAs. All rights reserved

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