Description
Preparing a Form 1120 for the first time can be a daunting experience. Unlike personal income tax returns, the corporate tax return seems similar to a company's financial statements. However, Schedules M-1, M-2, and M-3, Part I, have been known to throw many new tax preparers for a loop. This course will unravel the mysteries of Schedules M-1, M-2, and M-3, Part I, for C corporations. It includes a comprehensive problem illustrating the completion of the forms. Note that many of the test questions are scenario based and require calculations. This intermediate-level course is most appropriate for the professional with detailed knowledge in C corporation taxation or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Learning Objectives
"Upon successful completion of this course, the user should be able to:
identify the differences between book income and taxable income for C corporations reported on Schedule M-1,
determine basic accounting for permanent and temporary differences reported for C corporations on Schedule M-2 and analyze the year's change in unappropriated retained earnings (Schedule M-2),
determine type of income statement prepared and restatements,
identify the entities included in a U.S. consolidated tax group, and
reconcile after-tax financial net income (loss) for the U.S. consolidated financial statement group to after-tax net income (loss) per the income statement for the U.S. consolidated tax group (Schedule M-3, Part I)."