DESCRIPTION
This module is a thorough introductory examination of Schedules K and M-1. The material focuses primarily on calculating the schedules K and M-1 for pass-through entities. The learning transfer for this module is primarily delivered through the various exercises and a case study. There is a CPA exam-style multiple-choice quiz that covers the majority of separately stated items and book-to-tax differences that a Tax preparer will encounter. There are also discussion questions and a case study that will provide comprehensive challenges for the participants.
LEARNING OBJECTIVES
- Identify the separately stated items that are reported on Schedule K for pass-through entities.
- Identify permanent and timing differences between book and Tax income.
- Compute Schedule M-1, Reconciliation of Income (Loss) per Books with Tax Return.
