Cuyamaca College Taxes and Needs Assistance Presentation

Description

Scenario: Client is preparing their company taxes and needs assistance with preparing book-to-tax reconciliation.

Questions: What is book-to tax reconciliation? Why does it need to be practiced? Explain common adjustments and how it affects the clientàtaxes.

Basic Idea for Presentation:

Present to client adjustments that need to be made for book-to-tax reconciliation.
For specific items (i.e. insurance, interest income, etc) describe how each item will be adjusted. Identify and explain how the adjustments affect book and tax balance.
- What makes an adjustment Favorable/Unfavorable
- What makes an adjustment Temporary/Permanent
  - If temporary, what makes it temporary, and how will it affect the balance in the future

– What are book-to-tax adjustments? And what is its purpose? Why is it important for these adjustments to be accurate

– What are the four common items of adjustments?

How is the reconciliation done?
Are book-to-tax adjustments important?
How would the insurance be adjusted and how would it affect the book and tax balance?

Explain what a book-to-tax reconciliation is (its purpose) and why it is important to practice when preparing taxes.

Book-to-tax reconciliation: adjustments from income on books to income reported on tax return. (adding and subtracting non-tax items)
Why do we need to make adjustments

150000

BOOK INCOME	TAXABLE INCOME
50000 tax exempt	100000 favorable
Interest paid expense on tax exempt bond	unfavorable

Explanation & Answer:

4 slides

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