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The FAQs are arranged and keyed to the line items and sections of the Schedule M-3 Instructions.
Stakeholder groups working with the IRS to provide the Schedule M-3 FAQ service include:
Questions about Schedule M-3 can be submitted to TEI at advocacy@tei.
The draft 2004 Schedule M-3 instructions discuss Schedule L, "Balance Sheet per Books," as follows:
The Schedule L balance sheet may show tax-basis balance sheet amounts if the corporation is allowed to use books and records for Schedule M-3 and the corporation's only books and records reflect tax-basis amounts.
Schedule M-2, Line 2, net income (loss) must equal the amount shown on Schedule M-3, Part II, Line 8.
6: If X-2 passes to X-3 on the perimeter, M-1 has to slide out of the rectangle to cover him and M-3 must replace him in the corner.
Schedule M-3 replaces Schedule M-1, Reconciliation of Income (Loss) per Books With Income per Return, for taxpayers meeting the dollar threshold.
1) According to Robert Adams, the IRS's Senior Industry Advisor for the Large and Midsized Business Division, "it is estimated that the M-3 should reveal between 75 to 90 percent of the book-tax difference for most companies.
However, TEI has significant concerns about certain aspects of the proposed Schedule M-3 that should be addressed before it is adopted.
TEI understands that the IRS intends the new Schedule M-3 to increase the currency and efficiency of audits by permitting a focused review within a relatively brief period (e.
Additional filers: The IRS is considering "moving the concept" of Schedule M-3 to additional entities, including taxpayers filing Form: