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This course covers unusual and nonrecurring disclosure requirements for Income (Loss)  and expense/deduction items reported on the financial statements that must also be disclosed on Schedule M-3. 

Most of these topics relate either to industry specific book-tax differences or to items that are not usually encountered in the annual accounting cycle.  Nevertheless, when these items occur, they must be separately and adequately disclosed on Schedule M-3 as either “temporary” or ‘permanent” differences. It is important to “get the numbers right” when completing Parts II and III of Schedule M-3.

This course covers the unusual and nonrecurring items that must be disclosed on Schedule M-3 including:

  • Unusual income items that result in book-tax differences.
  • Unusual expense/deduction items that result in book tax differences.

Note:  Schedule M-3, Part II and III disclosures of frequently occurring book-tax differences was covered in prior intermediate courses. 

A comprehensive example of Schedule M-3, parts II and III for corporations with unusual/nonrecurring income, expense/deduction items is provided to reinforce your knowledge of the compliance/reporting issues regarding Schedule M-3 compliance.

Course Series

This course is included in the following series:

7 CoursesReporting and Compliance for Book-Tax Differences

  1. Corporate Tax Filing: Schedule M-1 Disclosure of Book-Tax Differences on the Corporate Tax Return
  2. Corporate Tax Filing: Schedule M-3: Part I: Compliance and Reporting Issues
  3. Corporate Tax Filing: Schedule M-3: Part II: Compliance and Reporting Issues
  4. Corporate Tax Filing: Schedule M-3: Part III: Compliance and Reporting Issues
  5. Corporate Tax Filing: Schedule M-3: Additional Reporting in Parts II and III
  6. Corporate Tax Filing: Schedule M-3: Reporting Requirements for a Consolidated Group
  7. Corporate Tax Filing: Uncertain Tax Positions: Financial Accounting and Tax Reporting Requirements

Learning Objectives

  • Identify which unusual/nonrecurring book-tax differences must be disclosed on Schedule M-3.
  • Discover why it is important to “get the numbers right” and to separately and adequately disclose income and expense/deductions.
  • Recognize how to disclose the following Part II, income items.
  • Recognize how to disclose the following Part III, expense/deduction items.

Prerequisites

Course Complexity: Advanced

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.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Additional Reporting in Parts II and III
  10:49Review Schedule M-3
  9:05Line 15, 16, and 18
  11:27Line 20 and Recap lines 1 - 7
  8:32Line 18, 23 - 15, and 34
CONCLUSION
  6:42Line 35 R&D Costs and Course Conclusion
Continuous Play
  47:585 Corporate Tax Filing Schedule M-3: Additional Reporting in Parts II and III
SUPPORTING MATERIALS
  PDFSlides: Schedule Schedule M-3 Additional Reporting in Parts II and III
  PDFSchedule Schedule M-3 Additional Reporting in Parts II and III Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM