Navigating the Pitfalls of Schedules M-1 and M-2 (OnDemand Webinar)

$219.00

SKU: 410383EAU

Description

Identify book and tax differences in computing taxable income and how these differences are reported in the tax return.Taxpayers maintain their books and records on various methods of accounting and have different objectives when preparing financial statements and completing tax returns. Taxpayers are generally required to provide a reconciliation of book and taxable income in their business tax returns, as well as a reconciliation of their equity. This presents many issues for tax return preparers and their clients. This topic will help you identify book and tax differences in computing taxable income and how these differences are reported in the tax return. We will identify the starting point, book income, and common differences in computing book and taxable income. As Schedule M1 presents a bridge between book and taxable income which the IRS uses in ascertaining whether taxable income is properly stated, and Schedule M2 is a reconciliation of equity, it is important for tax return preparers and their clients to understand how to complete these schedules. Failure to properly complete these schedules can result in increased IRS scrutiny and questioning.

Date: 2023-01-19 Start Time: End Time:

Learning Objectives

What Are Schedules M-1 and M-2
• M-1 • Reconciliation of Book and Tax Income
• M-2 • Reconciliation of Equity

Which Entities Are Required to Complete Schedules M-1 and M-2
• Corporations
• Partnerships
• Who Is Exempt

Identifying Your Starting Point • Book Income
• Basis of Accounting for Book Income
• GAAP vs. Tax vs. OCBA

Identifying Book/Tax Differences
• Permanent Differences
• Timing Differences
• Categories of Differences

Completing Schedule M-2
• Retained Earnings
• Capital Accounts
• Other Reconciling Items

Examples

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST-Cendrowski Corporate Advisors

Navigating the Pitfalls of Schedules M-1 and M-2 (OnDemand Webinar)

$219.00

SKU: 404973EAU

Description

Identify book and tax differences in computing taxable income and how these differences are reported in the tax return.Taxpayers maintain their books and records on various methods of accounting and have different objectives when preparing financial statements and when completing tax returns. Taxpayers are generally required to provide a reconciliation of book and taxable income in their business tax returns as well as a reconciliation of their equity. This presents many issues for tax return preparers and their clients. This topic will help you identify book and tax differences in computing taxable income and how these differences are reported in the tax return. We will identify the starting point, book income, and common differences in computing book and taxable income. As Schedule M1 presents a bridge between book and taxable income for which the IRS uses in ascertaining whether taxable income is properly stated and Schedule M2 is a reconciliation of equity, it is important for tax return preparers and their clients to understand how to complete these schedules. Failure to properly complete these schedules can result in increased IRS scrutiny and questioning.

Date: 2019-11-14 Start Time: End Time:

Learning Objectives

What Are Schedules M-1 and M-2
• M-1 • Reconciliation of Book and Tax Income
• M-2 • Reconciliation of Equity

Which Entities Are Required to Complete Schedules M-1 and M-2
• Corporations
• Partnerships
• Who Is Exempt

Identifying Your Starting Point • Book Income
• Basis of Accounting for Book Income
• GAAP vs. Tax vs. OCBA

Identifying Book / Tax Differences
• Permanent Differences
• Timing Differences
• Categories of Differences

Completing Schedule M-2
• Retained Earnings
• Capital Accounts
• Other Reconciling Items

Examples

No Credit Available

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST-Cendrowski Corporate Advisors