Bridging the Reporting Gap: A Proposal for More Informative Reconciling of Book and Tax Income
In this paper, we review the history and purpose of the corporation income tax return’s Schedule M–1 in light of recent attention to corporate reporting issues. Although the traditional role for the schedule has been to assist the audit process, the reconciliation of book to tax accounting numbers also provides information useful to tax analysts. We find the existing tax return Schedule M–1, largely unchanged since its introduction in 1963, provides insufficient detail for complex reconciliation issues. We propose revisions to the M–1 to achieve better reconciliation, and discuss the advantages and disadvantages of public disclosure of such data.
Volume (Year): 56 (2003)
Issue (Month): 4 (December)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lenter, David & Slemrod, Joel & Shackelford, Douglas A., 2003. "Public Disclosure of Corporate Tax Return Information: Accounting, Economics, and Legal Perspectives," National Tax Journal, National Tax Association, vol. 56(4), pages 803-30, December.
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- Mihir A. Desai, 2002. "The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation," NBER Working Papers 8866, National Bureau of Economic Research, Inc.
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