1120S Tax (20121201)
Template Name
Accrual to Cash Conversion
Description
The purpose of this template is to compute the adjustment from
accrual based financial statement income to cash basis income for tax
reporting when allowed.
Completed Contract Method
The purpose of this template is to compute the adjustment from
financial statement income (using the percentage of completion
method) to taxable income (using the completed contract method).
Computing 481(a) Adjustments
This template computes the amount of the adjustment arising from a
change in accounting method under IRC Sec. 481(a).
Tracking 481(a) Adjustments
This template tracks the adjustments resulting from a change in
accounting method under IRC Sec. 481(a).
Depreciation and Sale of Assets
This template is designed to produce a summary report to tie out book
and tax depreciation information. It is not designed to calculate
detailed depreciation expense. A schedule of assets disposed of
during the year can also be generated to facilitate the reconciliation of
the net assets per book and net assets per tax.
Organizational Expenses
The purpose of this template is to calculate the amortization expense
for organizational costs, prepare a journal entry for the amortization
expense, and produce a journal entry to reclassify organizational
costs for the various expenses.
Start-up Costs
The purpose of this template is to calculate the amortization expense
for start-up costs, prepare a journal entry for the amortization
expense, and produce a journal entry to reclassify start-up costs for
the various start-up expenses.
Accruals-Tax Basis
The purpose of this template is to compute the adjustment for the
accrual of expenses allowed for book purposes but not for tax.
Bad Debt Expense
The purpose of this template is to determine the amount of bad debt
expense deductible for income tax purposes.
Lease Inclusion
This template computes the amount (if any) to be included in gross
income under IRC Sec. 280F(c) to offset rental deductions for
business use of a leased auto for a term of 30 days or more.
Meals and Entertainment
This template calculates the 50% disallowance of meal and
entertainment deductions under IRC Sec. 274(n) and identifies
nondeductible travel and entertainment expenses.
Officers' Compensation
This template details the information for officers' compensation that is
required to be reported on the current year tax return.
Section 179 Carryforward
The purpose of this template is to produce a carryover schedule for
Section 179 expenses.
Computing the Tax on Built-in Gains This template is used to compute the tax on built-in gains, which
generally applies to C corporations that elected S status after 1986.
Installment Sale Deferred Gain
This template can be used to calculate and track the deferred gain on
installment sales.
Like-kind Exchanges
The purpose of this template is to determine the tax gain to be
recognized from a like-kind exchange transaction, compute the basis
of the property received, and produce the tax adjusting entry to
properly record the transaction.
Analysis of Inventory Reserves
The purpose of this template is to determine how much of the
inventory allowance is deductible for tax purposes and to calculate the
M-1 adjustment.
UNICAP Summary
This template summarizes the UNICAP timing difference between
book and income tax.
Loan Information
The purpose of this template is to provide loan amortization schedules
and calculate the current and long-term portions of the loan.
Prepaid Asset Reconciliation
This template reconciles prepaid assets and calculates the M-1
adjustment for any book/tax difference.
Calculation of Basis in Stock and
This template is used to adjust an S corporation shareholder's basis in
Debt
stock and debt for transactions that occur during the year.
Template Name
Calculations of Stock Basis, AAA,
OAA, PTI, Retained Earnings and
AE&P
Description
This template calculates stock basis, the accumulated adjustments
account (AAA), the other adjustments account (OAA), previously
taxed income (PTI), retained earnings (RE), and accumulated
earnings and profits (AE&P).
Computation of Section 444 Required This template computes a partnership's or S corporation's required
Payment
payment under IRC Sec. 444.
Computing the Tax for Short-period C This template computes the annualized taxable income and income
Return
tax attributable to a short C year.
Tax on Excess Net Passive Income This template is used to compute the tax on excess net passive
income imposed by IRC Sec. 1375.