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Services
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.
Delivery Method
Instructor Led (Group Live)
CPE Credit
8
Course Level
Intermediate
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
Prerequisites
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
Advanced Preparation
No advanced preparation is required
Learning Environment
This course is presented in a participative live group environment with hands-on software demonstration.
Contact Information
- For questions regarding Transactional Tax Web Classes please contact Training Registration @ 1.800.281.1900
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