Operating Considerations of a C Corporation - Part 2

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Description

Operating Considerations of a C Corporation – Part 2
IRS Program #: X9QQU-T-01019-23-O
CTEC #: 6257-CE-0162
CE: 2 IRS & 2 CTEC credits
Speaker: Patrick Dimmitt, EA, MST

During Part 2 of this course, we will do a comprehensive review of a client’s books and then prepare a tax return where a different accounting method is used for Tax. You will also be able to identify items to be addressed in future years when reviewing a past year's return.

Learning Objectives:

Analysis considerations in setting up company books with different accounting methods than its elected tax method.
Discuss how to schedule M1 is completed and what items need to be reported to correctly reflect taxable income.
Discuss completing Schedule L and M2 from the client’s books and records and the relationship between these schedules as well as Schedule M1.

Contributors

Patrick Dimmitt, EA, MST

Patrick D. Dimmitt retired as a Large Business & International case manager after more than 38 years with the Internal Revenue Service. He received his Master of Science in Taxation from Indiana University’sKelley School of Business in Indianapolis, where he currently teaches graduate courses in partnership and state and local taxation.