Corporate Tax Filing: Schedule M-3: Part I
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Brief Introduction
This course covers the Schedule M-3, Part I filing and reporting requirements.Description
Schedules M-1 and M-3 reconcile book income to taxable income reported on the return. Corporations with $50 million or more of assets are required to file the more complex Schedule M-3. This course covers Part I of Schedule M-3 including filing and disclosure requirements.
Since the purpose of Schedule M-3 is to provide detailed information on book-tax differences, it is important to determine the financial information disclosure requirements, including the determination of “book” income versus “taxable Income.”
A comprehensive example of Schedule M-3, Part I is provided to reinforce your knowledge of the reporting and tax compliance process.
This course covers the Schedule M-3, Part I filing and reporting requirements, including:
Which corporations are required to complete Schedule M-3
which corporations are exempt from the reporting requirement
which corporations may file Schedule M-1 instead
What disclosures are required regarding the accounting method used to determine financial income.
How to compute the net income (loss) from the income statement used to reconcile book income to taxable income.
How financial income reported on Schedule M-3 is used to reconcile ending retained earnings reported on Schedule M-2.
After completing this course you will be better positioned to quickly and accurately complete Schedule M-3, a critical part of your company's corporate tax filing duties.
Note: Parts II and III of Schedule M-3 are covered in other courses on Illumeo.
Requirements
- Requirements
- No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Corporate Tax Filing: Schedule M-3: Part III
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This course covers the Schedule M-3, Part III filing and reporting requirements. Completion of Part III requires the disclosure of detailed information regarding book-tax differences when reporting expense/deduction items....
Corporate Tax Filing: Schedule M-3: Part II
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This course covers the Schedule M-3, Part II filing and reporting requirements. Thus, it is important to “get the numbers right” when completing Part II of Schedule M-3....
Corporate Tax Filing: Schedule M-3: Part I
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This course covers the Schedule M-3, Part I filing and reporting requirements. Schedules M-1 and M-3 reconcile book income to taxable income reported on the return....
Corporate Tax Filing: Schedule M-3: Reporting Requirements
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This course covers the Schedule M-3 filing and reporting requirements for a consolidated group. This course covers the Schedule M-3 filing and reporting requirements for a consolidated group, including:...
