1120 Tax (20121201)
Template Name / Description /Accrual to Cash Conversion / 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).
Capital Loss Carryforward / The purpose of this template is to produce a carryforward schedule for IRC Sec. 1212(a)(1) capital losses.
Net Operating Loss Carryforward / This template is used to generate a carryforward schedule for IRC Sec.172(b) net operating losses generated and applied and to track when the losses expire.
Passive Activity Loss Carryforward / This template tracks the amount of passive activity losses to be carried forward.
Section 179 Carryforward / The purpose of this template is to produce a carryover schedule for Section 179 expenses.
Three-year Comparison of Book/Tax Differences / This template summarizes the numerous book-tax adjustments necessary in the preparation of a corporate income tax return.
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.
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.
Prepaid Asset Reconciliation / This template reconciles prepaid assets and calculates the M-1 adjustment for any book/tax difference.
Loan Information / The purpose of this template is to provide loan amortization schedules and calculate the current and long-term portions of the loan.
Earnings & Profits (E&P) / This template calculates current and accumulated E&P, the amount of dividends paid from E&P, and any dividends paid in excess of E&P.
Retained Earnings Rollforward / The purpose of this template is to document and reconcile the changes in the equity accounts for the year.
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.
Accumulated Earnings Tax Computation / This template calculates the accumulated earnings tax.
Computation of Section 444 Required Payment / This template computes a corporation's required payment under IRC Sec. 444.
Current and Deferred Taxes / This template computes a company's federal income tax provision. The template makes two calculations--one for the deferred provision and another for the current provision.