For teams filing taxes, translating accounting books into tax books can be a complex, disorganized process – even if you’re the ones who prepared the accounting books. This document can serve as the knowledge hand-off between the Accounting and Tax team, and builds the foundation for the tax process with little friction.
Download a Quickbooks comparative trial balance report to this template, and allocate each account to a line in the Form 1120. From there, you can make your tax adjustments, and use this document as the starting point for next year’s filing.