Corporate Tax Filing: Schedule M-3: Part Iii
Last updated 9/2020
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 348.10 MB | Duration: 1h 0m
This course covers the Schedule M-3, Part III filing and reporting requirements.
What you'll learn
Recognize the four column reporting format for reconciling book income to taxable income.
Discover how to report common book-tax expense/deduction differences.
Identify how to report other expense/deduction items with differences on line 37.
Identify how to reconcile Part II, line 30 net income (loss) with financial income reported on line 11, Part I and with taxable income reported on line 28, form 1120.
Requirements
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Description
This course covers Part III of Schedule M-3 including filing and disclosure requirements for Expense/Deduction items reported on the financial statements. Completion of Part III requires the disclosure of detailed information regarding book-tax differences when reporting expense/deduction items. In addition to determining how financial expense/deduction items differ from how they are reported on the tax return, the differences must be reported as either a "temporary" difference or a "permanent" difference. Also, in some cases, an expense/deduction item must be separately disclosed, even when there is no book-tax difference. After completing Part III, the Part II, line 30 totals must reconcile with the book income reported on Part I, line 11 and Line 28 on Form 1120. Thus, it is important to "get the numbers right" when completing Part III of Schedule M-3.This course covers the Schedule M-3, Part III filing and reporting requirements, including:The four column reporting format for...
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