Vertex ® Income Tax - Domestic
Federal Compliance - Preparing the Return

Federal Compliance training is divided into four training courses. 

• Preparing the Return
• Federal Corporate
• Federal Flow-Through
• Working with Schedule M-3
  
  

This course explores the common functionality of Federal Corporate and Flow-Through. The tasks demonstrated provide you with the ability to produce the return you need whether it is Federal Corporate, Flow-Through, or both. Once you understand the concept of the functionality, you can implement it to fit your specific Federal Compliance need.

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On-site Training

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Requirements: You must be an employee of an active Vertex customer or Vertex partner company. It is recommended that you have: Vertex Income Tax - Domestic Working with Accounts and Adjustments course PC experience Working knowledge of Windows-based products Basic understanding of income tax concepts Basic knowledge of the steps needed to complete a Federal return Learning Environment: This course is presented in a participative live group environment with hands-on software demonstration

Prerequisites: No advanced preparation is required. Delivery Method: Instructor Led (Group Live) CPE Credit: 8 Course Level: Intermediate

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Audience
This course is designed for tax department personnel who have not previously used Federal Corporate or Flow-Through, but who are familiar with basic Income Tax - Domestic functionality.

Program Content

• Introducing Federal Corporate and Flow-Through
• Working with Detail Statements, Elections, and Multiple Forms
• Completing Single-Entity Form Data
• Working with Cost of Goods Sold
• Entering Property Disposition Data and Using the Tax Basis Balance Sheet
• Entering Depreciation and Amortization

Learning Objectives
Upon completion of this course, you will be able to:

• Identify the Federal Corporate, Flow-Through, and common workflow processes
• Distinguish between the Federal return types
• Generate detail statements
• Add election data
• Enter general business credits
• Adjust Federal Corporate Alternative Minimum Tax
• Select calculation preferences
• Review default values
• Control beginning/ending inventory purchase adjustments
• Record historical tax inventory differences
• Record current-year book/tax inventory adjustments
• Enter and copy/paste property disposition data
• Modify property disposition entries
• Enter property data specific to a state
• Work with the tax basis balance sheet
• Create Beginning Cumulative Book/Tax Adjustments
• Record depreciation detail for Form 4562
• Reclassify depreciation expense for presentation on Schedule A
• Record amortization

Contact Information
For questions regarding Transactional Tax Web Classes, please contact Training Registration at 1.877.455.2645.