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
- Schedule M-1 Disclosure of Book-Tax Differences after 2017
- Corporate Tax Filing: Schedule M-3: Part I: Compliance and Reporting Issues
- Corporate Tax Filing: Schedule M-3: Part II: Compliance and Reporting Issues
- Corporate Tax Filing: Schedule M-3: Part III: Compliance and Reporting Issues
- Corporate Tax Filing: Schedule M-3: Additional Reporting in Parts II and III
- Corporate Tax Filing: Schedule M-3: Reporting Requirements for a Consolidated Group
- Uncertain Tax Positions: Tax Reporting Requirements after 2017
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.
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Prerequisites
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.