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Audience

Tax department personnel who have not previously used Federal Corporate or Flow-Through but who are familiar with basic Income Tax Domestic functionality.

Description

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.

Agenda includes:

• Introduction to 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
• Using the tax asis balance sheet
• Entering depreciation and amortization
• Hands on software demonstration

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

Requirements

You must be an employee of an active Vertex customer or Vertex partner company and have:

• Working knowledge of Vertex Income Tax Domestic
• Working knoweldge of accounts and adjustments
• 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