BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Thursday, February 13, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$247.00

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.

Faculty

Hennig Cherie
Shareholder
Miscellaneous

Professor Hennig received her Bachelor's, Master's, and Ph.D. degrees in accounting from the University of Colorado. She began her career as an IRS revenue agent in Denver, Colorado and has taught undergraduate and graduate tax courses at several universities, including Wake Forest University, University of North Carolina-Wilmington, and Virginia Tech. She has published a number of articles in major tax journals and is co-author of numerous tax texts, including "Practical Guide to Schedule M-3 Compliance". She is a widely-sought speaker on tax matters, and has served on the Tax Executive Committee of the AICPA Tax Division.  

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Hedderman James
Shareholder
True Partners Consulting, LLC

Mr. Hedderman is a Managing Director in True Partners Consulting’s Chicago office.  He has over eighteen years of  federal taxation experience both in the public and corporate arena.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify book-tax differences that must be reported on Schedule M-3
  • Recognize reporting differences for income items and with reporting differences for expense items
  • Determine which entities can file Schedule M-1 instead of Schedule M-3
  • Spot and resolve tricky issues particular to Forms 1065, 1120-S, and 1120.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).