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Navigating the Pitfalls of Schedules M-1 and M-2

 

Identify book and tax differences in computing taxable income and how these differences are reported in the tax return.

Taxpayers maintain their books and records on various methods of accounting and have different objectives when preparing financial statements and completing tax returns. Taxpayers are generally required to provide a reconciliation of book and taxable income in their business tax returns, as well as a reconciliation of their equity. This presents many issues for tax return preparers and their clients. This topic will help you identify book and tax differences in computing taxable income and how these differences are reported in the tax return. We will identify the starting point, book income, and common differences in computing book and taxable income. As Schedule M-1 presents a bridge between book and taxable income which the IRS uses in ascertaining whether taxable income is properly stated, and Schedule M-2 is a reconciliation of equity, it is important for tax return preparers and their clients to understand how to complete these schedules. Failure to properly complete these schedules can result in increased IRS scrutiny and questioning.

Agenda

Faculty

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

Cendrowski Corporate Advisors

  • Managing director of Cendrowski Corporate Advisors
  • Practice focuses on taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
  • Adjunct professor at Walsh College, where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
  • Recognized valuation and economic damages expert in federal and various state circuit courts
  • Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
  • Member of the AICPA, MICPA, ACFE, and NACVA
  • M.S. degree in taxation, Walsh College; B.A. degree in business administration, University of Michigan-Dearborn
  • Can be contacted at [email protected] or 866-717-1607

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