Mastering the Revised Federal Schedule M-3

Identifying and Reporting Data for Full Compliance

Recording of a 100-minute CLE/CPE teleconference with Q&A


Conducted on Wednesday, July 22, 2009
Recorded event now available


This seminar will demystify the latest version of Schedule M-3 to guide tax staff in overcoming the challenges presented, and developing strategies to streamline and fine tune tax compliance.

Description

Many corporate taxpayers will wrestle this summer and early fall with the latest overhaul of federal Schedule M-3 for the 2008 tax year. In recent years, companies with $10 million or more in assets have faced two major IRS reworkings of Schedule M-3.

As tax staff gather data to complete 2008 returns, they must produce new schedules listing deductions tied to effectively connected income, allocated interest expense, and foreign partner interest in partnerships. There is also a new reporting format and newly separated schedules M-1 and M-2.

The compliance mission for producing this intricate income/loss reconciliation statement has become even tougher for corporate federal income tax professionals, demanding more time in the last months before extended 2008 tax year filings.

Listen as our panel of veteran tax advisors breaks down the latest version of Schedule M-3 and outlines how tax staff can streamline and fine-tune corporate tax compliance.

Outline

  1. Historical perspective
    1. Review of 2006 year-end revisions to Schedule M-3
  2. New forms, schedules, issues for Form 1120-F filers
    1. Three new schedules, tied to:
      1. Effectively connected income
      2. Allocated interest expense
      3. Foreign partner interest in partnerships
    2. Newly separated schedules M1 and M2
    3. Requirements to file Schedule M-3
    4. Requirements for more information from foreign companies
  3. Changes in Form 8916A
    1. Additions for parts 2 and 3 on uncommon interest and expense
    2. Break-outs for detailed items regarding those lines
  4. Partnership issues
    1. Retention of reportable entity partner notification by entity partner and partnership
    2. Specific hierarchy for financial statements
    3. Special rules for Schedule L for Schedule M-3 filers
  5. Data-gathering and reconciliation issues
    1. How items are reported, what to do with the information
    2. Expensing transaction costs
    3. Problematic entries such as inter-company dividends

Benefits

The panel will brief your company's tax staff on how to handle these and other challenges with the new Schedule M-3:

  • Gathering and reporting the data to prepare the three new schedules and segregated schedules M-1 and M-2.
  • Adjusting to the new format of Schedule M-3.
  • Staying ahead of reconciling book-to-taxable income differences, differences in GAAP and statutory accounting, and other revisions from the last Schedule M-3 overhaul in late 2006.

Faculty

John P. Bennecke, Managing Director
True Partners Consulting, Chicago

He offers consulting on tax compliance issues to a variety of large and mid-sized multinational corporate entities, including corporations, S corps and partnerships. He has over 15 years of accounting experience, having formerly served as a senior manager with Deloitte.

Tim Ross, Partner and Firmwide Leader for Large and Midsized
Clifton Gunderson, Indianapolis

He is responsible for helping clients in all areas of business tax, ranging from tax co-sourcing and outsourcing to M&A tax matters. He has worked as a business tax consultant for 17 years, including 11 years with a Big Four firm.

Ordering

CPE on Live Event

Continuing Professional Education credit processing is available for an additional $35 per person. You may register for CPE credit processing at any time before or after the program.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a CPE sponsor.

CPE Processing $35.00


Recorded Event

Includes full event recording plus handouts (available after live seminar).

CPE: Self-study CPE is not offered on recorded events.

CLE: Pre-approved for self-study credit in AK, AZ, CA, CT*, MO, MT, NY*, TX, VT, WA. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, LA, ME, ND, NE, NH, NM, NV, OR, UT, WI, WV, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*For CT and NY, Strafford needs to process the CLE — see below to purchase this option.)

MP3 Download (Audio Only) $247.00
Available 24 hours after the live event

How does this work?

CD $247.00 plus $9.45 S&H
Available ten business days after the live event

CLE on CD Processing $65.00

Program Materials

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Program Materials

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CPE Credit

Strafford's live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

CLE Credit

Strafford's live seminars qualify for CLE in every state that accredits webinars. They offer you a high quality, cost effective, and convenient CLE option, with no lost travel time or expenses.

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Customer Reviews

The program had excellent presenters that were extremely knowledgeable.

Lisa R. Volland

Legacy Professionals

Timely coverage of a complicated subject.

William Ahlstrom

Kerber Eck & Braeckel

Offered different view points and real life, practical examples.

Angela Chretin

Northrop Grumman

Real life examples that we could relate to.  Keep up the great work.

Brett Terrebonne

Entergy

It was an excellent program!!

Marni Odermann

Supervalue

Federal Income Tax Advisory Board

David Bowen

Principal

Grant Thornton

Joseph Calianno

Partner, National Tax Practice

Grant Thornton

George Manousos

Partner

PricewaterhouseCoopers

Christian McBurney

Federal Tax Partner

Nixon Peabody

Alex Sadler

Tax Controversy Partner

Crowell & Moring

Susan Seabrook

Tax Controversy Partner

Latham & Watkins

Tom Windram

Managing Director & National Leader, Federal Tax Credits & Incentives

RSM McGladrey