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sharmoren0112
Level 4
October 8, 2023
Question

Help completing an M-1

  • October 8, 2023
  • 1 reply
  • 7 views

his is the first time I've had to do an M-1 for a corporate return. Can you please share any instructions you may have? Or tell me what goes on it? Thank you!

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1 reply

PATAX
PATAX
Level 12
October 8, 2023

The M1 schedule reconciles book income to taxable income. For example, penalties are deductible for book purposes but not for tax purposes, Therefore this would be an M1 adjustment. You should be able to find the instructions for this online, or in tax reference material, Or in the government instructions for Form 1120. Good luck and hope this helps.

    IRonMaN
    IRonMaN
    Level 15
    October 9, 2023

    Reading the 1120 instructions is always a pretty good starting point 😊

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