Corporate Tax Filing: Schedule M-3: Part I

This course covers the Schedule M-3, Part I filing and reporting requirements.

What you'll learn

Identify which entities are required to file Schedule M-3.

Identify the basic financial information disclosure requirements.

Identify how to reconcile worldwide consolidated net income, line 4 to net income of includible corporations, lines 4-11.

Discover how to reconcile retained earnings on Schedule M-2 using line 11, net income of includible corporations.

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.

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-3which corporations are exempt from the reporting requirementwhich corporations may file Schedule M-1 insteadWhat 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.

Overview

Section 1: Introduction

Lecture 1 Introduction to Schedule M-3: Part I: Compliance and Reporting Issues

Lecture 2 Why Schedule M-3?

Lecture 3 Tax Insight, Overview, and Lines 1 - 7

Lecture 4 Tax Insight, Examples, and Lines 7 - 12

Lecture 5 Course Conclusion

Section 2: Supporting Materials

Lecture 6 Slides Schedule M-3: Part I: Compliance and Reporting Issues

Lecture 7 Schedule M-3: Part I: Compliance and Reporting Issues Glossary/Index

Section 3: Review and Test

Anyone interested in Tax, Accounting, Finance and related fields.