TCP — Quick Sheet
C Corporation Tax Compliance
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One-minute revision
- M-1/M-3 reconciles book → taxable income
- Permanent (muni interest, federal tax, fines, key-person insurance, 50% meals) affect the effective rate; temporary create deferred taxes
- NOLs: carry forward indefinitely, no carryback, limited to 80% of taxable income
- Charitable: 10% of taxable income, 5-year carryforward
- Capital losses: offset capital gains only; back 3, forward 5
- §163(j): business interest generally limited to 30% of adjusted taxable income