Download 1120 Tax

1120 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).
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 This template summarizes the numerous book-tax adjustments
Differences
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
Template Name
Start-up Costs
Description
for organizational costs, prepare a journal entry for the amortization
expense, and produce a journal entry to reclassify organizational
costs for the various expenses.
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.
This template calculates the accumulated earnings tax.
Accumulated Earnings Tax
Computation
Computation of Section 444 Required This template computes a corporation's required payment under IRC
Payment
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.