Follow your favourite podcasts, listen offline and in the car with CarPlay and Android Auto, and always pick up where you left off. Free to try.
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn: - The purpose of Schedule M-1 and its role in reconciling book income to taxable income for corporations with assets under $10 million. - When the more detailed and complex Schedule M-3 is required for corporations with $10 million or more in assets. - How to properly add back non-deductible expenses, such as federal income tax, to book income. - Why tax-exempt income, like municipal bond interest, is subtracted from book income during the reconciliation. - How to handle the common temporary difference created by using straight-line depreciation for books and accelerated methods (MACRS) for tax.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
