Program Overview
June 4, 2026| 5:45 pm - 9:00 pm, Pacific |In person
Hosted by Channel Islands
Speaker Anita Monrroy, CPA, EA, MST
Description
This session equips non-accountant tax professionals with a practical framework for interpreting and preparing balance sheets for business clients. Attendees will learn how to construct tax-basis balance sheets from client records, reconcile them to Form 1120S Schedule L, and connect book income to taxable income using Schedule M-1. The class also explores key equity accounts-Accumulated Adjustments Account (AAA), Other Adjustment Account (OAA), and Previously Tax Income (PTI)-and their impact on shareholder basis and return accuracy. Through examples and guided analysis, participants will gain confidence in reading and reporting balance sheet information accurately on corporate and S corporation tax returns.
Learning Objectives
1) Construct opening and closing balance sheets using available client data, from organized books to partial records.
2) Identify and adjust book-to-tax differences affecting assets, liabilities, and equity.
3) Reconcile income per books with income per return through accurate preparation of Schedule M-1.
4) Analyze S Corporation equity accounts, including AAA, OAA, and PTI, to ensure correct shareholder basis reporting.
5) Integrate the balance sheet with Schedule L and other tax schedules to support complete and consistent return preparation.
Learning Level Intermediate
Prerequisites & Advance Preparation Basic understanding of business tax return structure (Form 1120 or 1120S) and familiarity with general bookkeeping concepts.
Continuing Education
IRS: 2 hours Fed Tax Law Topics| CTEC: 2 hours Fed Tax Law | CA Bar: 1.75 hours Taxation Law | CPA CA: 2 hours Taxes (self-reporting)
Pricing
Member: $50 | Non-Member: $60
In-Person Details
Holiday Inn Oxnard North
600 East Esplanade Drive
Oxnard, California 03036
(Registration at the door is permitted but meals will be limited to availability if not pre-registered)
Agenda
- 5:45: Doors Open, Networking, and Greetings
- 6:15: Dinner (Plated Meal)
- 7:00: Education Program Begins
- 9:00: Education Program Ends
Cancellation/Refund Policies
Please contact the host Chapter at channel@csea.org for refund/cancellation policies related to this event.