CCH's "Practical Guide to Schedule M-3 Compliance (Second Edition)" explains and illustrates the compliance program that requires corporations and other entities to file complex schedules that reconcile taxable income with income as reported on financial statements. These schedules are engineered to improve transparency and disclosure, thus enabling the IRS to target and address areas of high risk and non-compliance. For some time, federal tax filing requirements have included some limited disclosure of the major differences between book and taxable incomes. Prior to 1964, this disclosure was on Schedule M, Reconciliation of Taxable Income and Analysis of Earned Surplus and Undivided Profits. A new Schedule M-1, Reconciliation of Income (Loss) per Books With Income Per Return, was added in 1964 to provide more detail. And finally, in response to financial accounting scandals and a call for increased transparency, in 2004, the IRS developed a much more detailed reconciliation schedule for large corporations called Schedule M-3, Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More. This schedule must be filed by any domestic corporation that reports total assets that equal or exceed $10 million on Schedule L of Form 1120. Practical Guide to Schedule M-3 Compliance (Second Edition) provides helpful guidance in the filing of the two major book-tax reconciliation schedules for corporations, Schedules M-1 and M-3. When reporting operating results for financial accounting purposes, corporations are generally required to follow a collective body of guidance known as generally accepted accounting principles (GAAP). And yet for tax purposes, these corporations may be able to elect different accounting methods to report the same results. The courts have supported the different objectives of financial accounting and tax accounting, which in turn leads to many differences between book and taxable income. Schedule M-1 and Schedule M-3 are used by the IRS to map out these differences. Practical Guide to Schedule M-3 Compliance (Second Edition) provides coverage of the: - New M-3 requirements for the 2007 filing season; - FASB accounting requirements that cause the most difficult M-3 challenges and present the greatest risks in an audit; - Tools and practical solutions for implementation issues when filing the M-3; - Examples that walk you through the "problem" lines on Parts I, II and III of the M-3; - Completing the current/deferred tax expense lines on part III for GAAP filers; - Pitfalls when completing Part I for consolidated return filers; and - M-3 issues unique to partnerships, including the identification of who is a "reportable entity partner."

Practical Guide to Schedule M-3 Compliance (Second Edition) (Practical Guides)

Business & Money

John O. Everett

Cherie Hennig

William A. Raabe

Accounting

CCH, Inc.

Contemporary Tax Practice: Research, Planning and Strategies will change the way you teach your tax research course, and the way future professionals learn how to perform tax research. This all new text provides a solid foundation of tax research skills by teaching the nuances of conducting tax research in today s environment. The book then provides exposure to frequently encountered tax planning topics and strategies, better preparing users for their future in tax practice. Build a solid foundation -- Early chapters are devoted to relevant legislative, administrative and judicial authorities, so users understand the how s and the why s behind tax practice today -- Users will gain a thorough understanding of how to perform tax research in today s environment -- Landmark judicial decisions are presented, covering areas such as gross income, deductions, property gains and accounting methods -- Users gain exposure to tax practice issues and learn about tax communications -- Each chapter features case studies and research questions which highlight the real-world relevance of tax research and tax planning while reinforcing concepts and skills learned in each chapter Then take it to the next level -- To most effectively prepare users for today s tax practice environment, this book offers coverage of many key tax planning opportunities and strategies on topics such as individuals, retirement, choice of entity, closely held businesses and more -- This book also provides coverage of critical financial reporting issues such as FAS 109, FIN 48, and Schedule M3, which significantly impact and influence the way practitioners advise their clients -- A chapter on Tax Reform Proposals is also included in order to familiarize the reader with terms and topics such as the flat tax, Value- Added (VAT) Tax, the Fair Tax and much more.

Contemporary Tax Practice: Research, Planning and Strategies

Nancy Nichols

Contemporary Tax Practice: Research, Planning and Strategies will change the way you teach your tax research course, and the way future professionals learn how to perform tax research. This all new text provides a solid foundation of tax research skills by teaching the nuances of conducting tax research in today s environment. The book then provides exposure to frequently encountered tax planning topics and strategies, better preparing users for their future in tax practice.

Contemporary Tax Practice: Research, Planning and Strategies (2nd Edition)

Contemporary Tax Practice: Research, Planning and Strategies will change the way you teach your tax research course, and the way future professionals learn how to perform tax research. This all new text provides a solid foundation of tax research skills by teaching the nuances of conducting tax research in today's environment. The book then provides exposure to frequently encountered tax planning topics and strategies, better preparing users for their future in tax practice.

Contemporary Tax Practice: Research, Planning and Strategies (5th Edition)

See the best price to sell, buy, or rent books by Cherie Hennig. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Cherie Hennig

See the best price to sell, buy, or rent books by Cherie Hennig. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Practical Guide to Schedule M-3 Compliance (Second Edition) (Practical Guides)

Contemporary Tax Practice: Research, Planning and Strategies

Contemporary Tax Practice: Research, Planning and Strategies (2nd Edition)

Contemporary Tax Practice: Research, Planning and Strategies (5th Edition)