It’s unlikely that you will ever come across anyone who enjoys paying taxes, much less preparing them!  For those required to file corporate tax returns, the task can be even more challenging and unnerving that preparing their individual returns.  The current tax environment is a complex one that changes regularly. Corporations have their own tax forms and special deductions that are very different from individual forms and deductions.  While it is possible for some businesses to prepare their own corporate returns, it is advisable to retain a tax professional, ideally a Certified Public Accountant (CPA), who is trained and experienced in preparing corporate tax returns.  

Tax professionals have corporate tax training on a regular basis in accordance with the bodies governing the profession.  Individual CPAs, as well as public accounting firms, must satisfy annual continuing education requirements. This continuing education and training ensure that tax professionals are up-to-date on changes in the tax laws across all types of taxes, including corporate tax.  Continuing education courses are offered through professional development companies well versed in state guidelines for individual CPAs and public accounting firms. Courses are offered in many formats, including live, on-demand, and on-your-own workbook completion.        

Some of the most important tax training courses will be the most fundamental courses offered.  These types of corporate tax courses will often include the words ‘basic’, ‘essential’ or ‘introduction’ in the course title.  These types of courses focus in on key areas, such as types of corporations, basic compliance rules, filing deadlines, research tools and required documentation.  The training and information offered in these types of corporate tax courses set a preparer up to start drafting corporate tax returns for clients.    

Corporate tax training targeted at specific law changes is also important for the tax professional.  These courses are often ‘hot topic’ categories that introduce changes that professionals will need to watch for when preparing returns.  There are often ‘annual updates’ training available for professionals to take to stay up-to-date as well.  

International taxation is a complex form of taxation that requires advanced corporate tax training courses for all professionals working with international tax clients.  Core concept courses are essential to the professional. Beyond taxation, foreign currency, laws and treaties must be studied and understood to offer quality assistance to clients.

Corporate tax planning is a value-added service offered by many CPAs and is invaluable to corporations because it highlights the favorable tax benefits within the law that a corporation can tax advantage of legally.  Because the tax laws change frequently, professionals must take corporate tax planning courses as well to offer quality services. Corporate tax planning courses train professionals on the latest tax strategies for corporations.  Forecasting is an integral part of tax planning and tax professionals apply the rules they have learned in training to provide this service to their clients.