Skip Nav

Business Financial Statements and Tax Returns – Navigating and Analyzing a Business Tax Return Webinar

February 18, 2025 8:30 am - 10:00 am
Register

This program unlocks the key issues in analyzing business tax returns by creating a business tax return from a conventional financial statement.  This shows the major formatting differences and ways balance sheet accounts and income statement items are labeled differently in a tax return.  It also reveals the functions of the various schedules.  By using a pass-through entity, we further see how the tax return carefully segregates items that move to an owner’s personal tax return via the Schedule K-1.  A final step is creating a chart that “maps” a financial statement to both pass-through entities and a regular corporation.

After this seminar, attendees will be able to:

  • For an example business (case), construct a tax return balance sheet (Schedule L), income statement, Schedule M-1 and Schedule M-2 on the cash basis
  • Identify key formatting differences between a conventional financial statement and a tax return
  • Describe how pass-through entity tax returns separate various income statement items for purposes of allocating them to the owner(s) personal tax returns
  • On the Schedule K-1, identify the pass-through items that involve cash, compared to pass-through items that do not involve cash
  • Describe the common relationship between pass-through income and distributions to the owner(s)
  • Create a chart to compare and align financial statement components to the appropriate tax return schedules
Price $330