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Schedule M-3 Book to Tax Adjustments: Overcoming the Toughest Challenges in Reporting Income and Expense Differences

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, February 13, 2020

Recorded event now available

or call 1-800-926-7926

This course will guide corporate tax executives and advisers on the complex challenges that arise in the context of book-tax adjustments on Schedule M-3 for partnerships, S corps, and corporate clients. The panel will identify and offer practical solutions for the most complex problems that frequently arise with Schedule M-3 preparation.

Description

Preparing Schedule M-3 to reconcile book and tax income for certain partnership (Form 1065), S corporation (Form 1120-S), and corporate (Form 1120) clients poses several complex challenges for tax return preparers. If Schedule M-3 reconciliation totals don't match income on the form, then the tough work begins.

Our panel will offer practical, experienced insights into determining whether all book-tax differences that need to be reported on M-3 have been disclosed, provide solutions to problems that can arise in handling income and expense accounts where tax and book amounts are the same, explain approaches to overcome common difficulties with partnership income, interest income, and expense, and other M-3 items.

The panel will identify entities that may elect to file the less complicated Schedule M-1 instead of Schedule M-3, and how to determine whether your client corporation must also file Schedule UTP or disclose uncertain tax positions.

Listen as our experienced panel focuses on unique challenges arising currently with book-tax adjustments on Schedule M-3 for partnership, S corporation, and corporate clients to prepare you to anticipate issues with your client work and deal with them more effectively. Our panel of tax advisers will outline approaches for handling thorny Schedule M-3 compliance challenges.

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Outline

  1. Identifying book-tax differences that must be reported on Schedule M-3
  2. Reporting differences for income items
  3. Reporting differences for expense items
  4. Special issues particular to forms 1065, 1120-S and 1120

Benefits

The panel will explore these and other book-tax reporting issues:

  • Reporting partnership income
  • Identifying equity vs. dividend method for reporting income, gains and losses on asset sales, and reporting sales vs. lease transactions
  • Disclosing interest income and expenses
  • Determining depreciation, amortization, and other deductions
  • Filing Schedule M-1 instead of Schedule M-3
  • Disclosing uncertain tax positions separately on Schedule UTP when required

Faculty

Hedderman, James
James T. (Jim) Hedderman

Managing Director
True Partners Consulting

Mr. Hedderman is a Managing Director in True Partners Consulting’s Chicago office.  He has over eighteen...  |  Read More

Hennig, Cherie
Professor Cherie Hennig, Ph.D.

Professor Hennig received her Bachelor's, Master's, and Ph.D. degrees in accounting from the University of...  |  Read More

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