Schedule M-3 Adjustments: Tax vs. Book Income Webinar
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Overview
Preparing Schedules M-3 and M-1 to reconcile book to tax income can be an impossible task if the preparer is not aware of the differences between tax and book income. This practical webinar on Schedules M-3 and M-1 adjustments, designed for tax accountants and auditors:
- Reviews the deduction relating to US production activities
- Explores in detail the major tax/book differences reported on Schedules M-3 and M-1 of business tax returns and why such differences exist
- Shows you how to reconcile book income with taxable income
- Equips you to correctly prepare corporate and partnership returns
- Provides the know-how to analyze frequently encountered adjustments
This course qualifies for IRS Continuing Education Credit.
Objective
To provide tax accountants and auditors with a sound knowledge of the differences between tax and book accounting that might be present in any business tax return. Auditors will be able to determine which items are relevant in preparing or reviewing the tax provision for financial purposes.
Emphasis
- Different institutional objectives governing financial vs. tax reporting
- The differing definition of trade or business expenses for financial statement purposes vs. tax purposes
- Different accounting and tax standards as they relate to:
– Timing and deduction of expenses
– Timing of inclusion of income
– Accounting for business acquisitions
– Capital gains and losses
– UNICAP rules
– Permissible tax accounting methods
– Depreciation
– Stock options
– Treatment of foreign income - Computing Schedule M-3 or M-1 for:
– Partnerships and limited liability companies
– Subchapter S corporations
– C corporations
This course is included in the following passes:
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View PassesPrerequisite
None
Level of Knowledge
Basic
CPE Credits
7.5
Hours
NASBA Field of Study
Taxes