Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

when doing an accrual method book and accrual method tax return, why do we add back current year state taxes back into income and reduce

when doing an accrual method book and accrual method tax return, why do we add back current year state taxes back into income and reduce income by prior year state taxes paid on the m1 adjustment? is there a reason we add CY state tax to increase income and reduce taxable income by prior year state tax paid? THIS IS FOR M1 adjustments.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions

Question

8. The number of cases is the number of data points.

Answered: 1 week ago