Analyzing a Corporate Tax Return 

Write a 3 to 5 page essay that does the following:
Find at least three errors or omissions on Form 1120 from Zeus, Inc.: US Corporate Income Tax Return 2020 Table [PDF], supports selection using IRS codes, IRS rules, court cases, or FASB statements.
Explain the criteria requiring the use of the M-3 and describe how the statement would be more beneficial to financial users.
Explain at least two IRS-approved Zeus Inc. estimated tax payment methods, explaining and justifying the preferred method.
Explain the relationship between a corporation’s tax year and its financial reporting year, and explain at least two complications in the following locations. Explain how to reduce two complications that can arise when Zeus Inc prepares its financial statements for income taxes.

Analysis of Corporate Income Tax Returns

Financial statements are records that present the business operations and financial performance of an organization. These records are also important for filing taxes with the IRS in the United States. The IRS has different rules for corporations, and individual filings are different than corporations or partnerships (Benzarti, 1). This document examines Zeus Inc.’s financial statements filed with the IRS to understand how an organization should report taxes based on income and why it is important to follow IRS requirements when filing taxes

Financial reports do not include no tax base in the balance sheet income statements (Howard & Masse, 2). According to the IRS, the balance sheet is at the heart of preparing Schedule M-3(3). In addition, non-tax bases are also used in the practice of Schedule L, which is also essential in the preparation of Schedule M-3 (IRS, 3). Under the IRS, corporations considered separate from their owners for U.S. income tax purposes must report separately on Schedule M-3. On the other hand, Zip Coaster, which lost its appeal, was not included in the financial statements because it was replaced by Swilwind. Additionally, the IRS requires the organization to provide the name, EIN, and maximum actual or redeemed percentage… when preparing the Schedule M-3 if the organization included partners during the year.

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