Required for Full Compliance
CD of Teleconference with Q&A
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and Sales & Use Tax Monitor
On the heels of a major overhaul in corporate Schedule M-3 for returns filed in 2007, the IRS in December released even more significant changes in the form filed by companies with $10 million or more in assets. These changes take effect with 2008 tax year returns that will be filed in 2009.
Corporate tax staffs should prepare now to produce three new schedules listing deductions tied to effectively connected income, allocated interest expense and foreign partner interest in partnerships. They will also deal with a new reporting format and newly separated schedules M-1 and M-2.
The compliance mission for producing this intricate income/loss reconciliation statement stands to get even tougher for corporate federal income tax professionals and tax counsel.
Listen as our panel of veteran tax advisors helps to demystify the latest version of Schedule M-3 so that your company can take a well-planned approach to fine-tuning compliance.
Our panel included:
Todd Reinstein, Partner, Pepper Hamilton, Washington, D.C. His practice covers taxable corporate transactions and tax due diligence, among other areas. He previously worked in the corporate tax group of a national law firm and in tax planning for two Big Four firms.
Harve Lewis, Director, Washington National Tax Group, KPMG, Washington, D.C. He gives technical and procedural guidance to KPMG professionals and clients on topics involving tax law and IRS policy. He previously spent 26 years with the IRS Chief Counsel's Office.
Melissa Reinbold, Executive, Crowe Chizek, Oak Brook, Ill. She specializes in federal and state income tax compliance and planning matters for financial services clients.
The panel reviewed how to handle these and other challenges with the new Schedule M-3:
- Pulling and reporting the data you need 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.
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TELECONFERENCE CD
Purchase a CD-ROM of the full conference proceedings, including Q&A and PDF files of all handouts (available 10 days after the program).
- Regular Price - $247 (plus $9.45 S&H)
- With Teleconference Registration – an additional $75 (plus $9.45 S&H)
Self-study CPE is not offered on CD purchases.