The purpose of Schedule M-1 is to explain the differences between financial statement income and taxable income.

Name: The purpose of Schedule M-1 is to explain the differences between financial statement income and taxable income.
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Schedule M-1 provides details of adjustments made to reconcile net income or loss according to Generally Accepted Accounting Principles (GAAP) to taxable income. It is required by the Internal Revenue Service (IRS) as part of the tax return filing process.

The Purpose of Schedule M-1 Is to Explain the Differences