- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
This course explores the balance sheet, the reconciliation of income per books with income per return, the analysis of the accumulated adjustments account, the other adjustments account, undistributed taxable income previously taxed, as well as the net income/loss reconciliation that certain S corporations must file.
This course is most appropriate for the professional with detailed knowledge in S corporation taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
identify the various components of Schedule L;
identify various components of Schedule M-1 that produce temporary and permanent differences between book and tax income;
recognize the purpose and functions of the accumulated adjustments account (AAA), other adjustments account, and previously taxed income account (PTI); and
identify which S corporations are required to file Schedule M-3 and recognize the differentiating components of that schedule.