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TAGGA BILL TO REQUIRE MORE M-1 DISCLOSURE
May 20, 2004
The Senate yesterday passed the "Tax Administration Good Government Act." The Senate Finance Committee report says the bill was designed "to provide improvements in tax administration and taxpayer safeguards, and for other purposes..."
It's those "other purposes" that you have to watch out for.
One provision in the bill would require the IRS to expand Schedule M-1, the part of the corporate return that reconciles financial statement income to tax return income. The IRS has already proposed an expanded schedule M-1 to smoke out how taxpayers turn large book income into small taxable income.
To be honest, we sort of like the old format:
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