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Navigating the Form 1065, Schedule M-3:
The Uncharted Waters of Book-Tax Reconciliations for Partnerships
A live audio seminar presented by CCH
Thursday, May 10, 2007 - 1 p.m. Eastern; Noon Central
Register Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!
Invite Colleagues, Business Referral Sources, Clients and Prospects to Join You!
Learn How to Handle the Compliance Requirements and Issues of Schedule M-3 for Partnerships
Since it was first introduced for large corporations in 2004, Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, has been very controversial, and numerous questions have arisen regarding a variety of implementation and compliance issues. These questions have only increased since the introduction of Schedule M-3 for partnerships in 2006. And unlike the corporate Schedule M-3, both large and small partnerships can be caught in the Schedule M-3 net through the new “reportable entity partner” rules. When combined with new related party rules that are inconsistent with current Code attribution rules, as well as questionable treatments of such items as guaranteed payments, the new Schedule M-3 for partnerships is a formidable challenge for tax professionals.
This two-hour audio seminar on Thursday, May 10, provides a practical review of the Form 1065, Schedule M-3. Presented by noted tax professors and authors, John O. Everett, Cherie Hennig and William A. Raabe, this program examines the requirements and complexities of the new M-3 for partnerships and analyzes example scenarios and filled-in forms to illustrate proper partnership M-3 reporting.
Register today for this insightful program on Thursday, May 10 at 1 PM Eastern, Noon Central!
Program Topics
Key topics covered in this audio seminar include:
- Complications and unintended consequences of the new reportable entity partner rules, including the new related party attribution rules
- Comprehensive example of a simple Form 1065, Schedule M-1 compared with a more complex Schedule M-3 for partnerships
- How to determine the appropriate financial accounting income figure to be used in the book/tax reconciliation on Page 1 of Form 1065, Schedule M-3
- Reporting various income and deduction items on Pages 2 and 3 of Schedule M-3, including a review of a comprehensive case study with special emphasis on those items applicable to partnerships
- Special issues associated with reporting guaranteed payments
- Modifications of partnership financial accounting records necessary to provide the data for Schedule M-3
- Current developments regarding Form 1065, Schedule M-3 reporting
- Obtain a comprehensive understanding of the Form 1065, Schedule M-3 reporting requirements
- Understand how the new reportable entity partner rules impact the M-3 for partnerships
- Know how to determine the appropriate financial accounting income figure to be used in the M-3 book/tax reconciliations
- Understand what the special issues associated with reporting guaranteed payments are and how to handle them on the M-3
- Be able to properly report income and deduction items on Pages 2 and 3 of Schedule M-3
- Understand what partnership financial accounting records are necessary to provide the data for Schedule M-3
Register today for this practical partnership M-3 review on Thursday, May 10 at 1 PM Eastern, Noon Central. BONUS — each registered site will also get a free copy of CCH’s 1065 Express Answers (2007 Edition)!
About the Speakers:
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John O. Everett, Ph.D., CPA, is Professor of Accounting at Virginia Commonwealth University in Richmond, VA. Dr. Everett has served as a speaker and instructor for numerous professional education programs, including the national training courses of Ernst & Young and McGladrey & Pullen.
A graduate of Oklahoma State University, he has authored or coauthored a number of articles in academic and professional journals. He is the coauthor of several textbooks, including TaxPoint, which he developed with Cherie Hennig as the first interactive tax textbook on the Web.
He recently received the Outstanding Service Award from the American Taxation Association, and shared the AICPA Tax Article of the Year Award with Cherie Hennig for their article on the individual alternative minimum tax. |
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Cherie Hennig, Ph.D., CPA, M.B.A, is the Faculty Director of the Executive MST program and Professor of Accounting at Florida International University. She began her career as an IRS revenue agent in Denver and has taught undergraduate and graduate tax courses at Colorado State University, the University of South Florida, and Virginia Tech.
Dr. Hennig has published numerous tax articles, is an author or co-author of numerous tax texts, and has written and taught many continuing professional education courses. She has been a faculty intern with local and national CPA firms, and has conducted research for the IRS Statistics of Income Division and the District Office of Research and Analysis. She is a member of the American Taxation Association and the AICPA. |
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William A. Raabe, Ph.D., CPA, teaches tax courses in the Fisher College of Business at Ohio State University. A graduate of Carroll College (WI) and the University of Illinois, Professor Raabe is the author of several books, including Federal Taxation, Federal Tax Research, and Fundamentals of California Income Taxation. His research has appeared in journals for both academics and tax advisors.
He has been active in the tax education functions of the major accounting firms; he created nationally marketed software for estate and gift planners; and he developed several popular web-based tax courses. Dr. Raabe has been a visiting tax faculty member for a number of public accounting firms, bar associations, and CPA societies. He has received numerous teaching awards, including the Accounting Educator of the Year Award from the Wisconsin Institute of CPAs. |
How the Audio Seminar Works
CCH’s live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They’ll appreciate your invitation to hear directly about this important topic.
Visit CCHGroup.com/AudioSeminars for more audio seminar topics, dates and times!
Earn CPE Credit
- Two hours of CPE credit are available for an additional $25 per person wishing to receive a CPE certificate for their participation
- Course Level: Intermediate
- NASBA Field of Study: Taxes
- Prerequisite: Basic knowledge of partnership taxation and Form 1065 preparation
- Learn More About CCH's NASBA Registration
Special Bonus
Along with detailed handout materials, firms registering for this audio seminar will receive as a bonus
Order CD Recordings of CCH Audio Seminars
If you are unable to attend this upcoming event and would like to order a recording—or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
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Site License: $249 – Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
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CD Recording: $249 – The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
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Site License and CD Recording Package: $349 – This specially-priced package provides you with the Site License access to the live audio seminar event AND the CD Recording.
Our Guarantee
If for any reason you are not completely satisfied with this program, we will provide a full refund - no questions asked!
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Register Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!
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