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
- Historical perspective
- Review of 2006 year-end revisions to Schedule M-3
- New forms, schedules, issues for Form 1120-F filers
- Three new schedules, tied to:
- Effectively connected income
- Allocated interest expense
- Foreign partner interest in partnerships
- Newly separated schedules M1 and M2
- Requirements to file Schedule M-3
- Requirements for more information from foreign companies
- Three new schedules, tied to:
- Changes in Form 8916A
- Additions for parts 2 and 3 on uncommon interest and expense
- Break-outs for detailed items regarding those lines
- Partnership issues
- Retention of reportable entity partner notification by entity partner and partnership
- Specific hierarchy for financial statements
- Special rules for Schedule L for Schedule M-3 filers
- Data-gathering and reconciliation issues
- How items are reported, what to do with the information
- Expensing transaction costs
- 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
Online Webinar
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CPE: Self-study CPE is not offered on online webinars.
Online Seminar Audio $49.00
Available 24 hours after the live event
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, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, 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.
MP3 Download (Audio Only) $49.00
Available 24 hours after the live event
CD $49.00
plus $9.45 S&H
Available ten business days after the live event
NASBA CPE Sponsor

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting www.nasba.org.
CPE Credit
Strafford is a NASBA CPE sponsor and our 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.
Customer Reviews
Offered different view points and real life, practical examples.
Angela Chretin
Northrop Grumman
Timely coverage of a complicated subject.
William Ahlstrom
Kerber Eck & Braeckel
I liked that the program went beyond the guidance in the regs to offer a real-world perspective.
Jerry Bourlier
Yazaki Management Co.
I found the presenters to be very experienced and the Q&A's to be particularly useful.
Mike O'Brien
American Eagle Outfitters
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
Federal Tax Partner
Nixon Peabody
Tax Controversy Partner
Crowell & Moring
Tax Controversy Partner
Latham & Watkins
Tom Windram
Managing Director & National Leader, Federal Tax Credits & Incentives
RSM McGladrey