K-1
Schedule K-1 is a tax document used to report the incomes, losses and dividends of a partnership. The Schedule K-1 document is prepared for each individual partner and is included with the partner’s personal tax return. An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065.
M-1, M-2
There is usually a difference between what a corporation reports on its financial statements as its yearly profit and the corporation’s actual taxable profit. These differences arise because of the way in which the IRS accounts for the corporation’s operations and the way in which the corporation accounts for its operations. The IRS, therefore, requires that corporations use Schedule M-1 to enlighten it about reconciliations for accounting and taxable profits. Schedule M-1 is a reconciliation form.