Description
Preparing a Form 1120S 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 S corporations. This intermediate level course is most appropriate for the professional with detailed knowledge in S 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 reconciled income for S corporations reported on Schedule M-1;
identify how to analyze the accumulated adjustments account (AAA), the other adjustments account (OAA), and the shareholders' undistributed taxable income previously taxed (PTI) for S corporations on Schedule M-2;
determine type of income statement prepared and restatements; and
reconcile financial net income (loss) for the U.S. consolidated financial statement group to net income (loss) per the income statement for the U.S. consolidated tax group on Schedule M-3, Part I."