Disclosures Under Schedule M-3

Question 1

Schedule M-3 of the Form 1120 has checkboxes for disclosures related to:

Answer 1

1) consolidated versus nonconsolidated returns.
2) whether certified audited versus nontax basis was used for the income statement.
3) whether or not the income statement had been restated in the previous five years (not seven years).

Question 2

Schedule M-3 of IRS Form 1120

Answer 2

is required to be filed when a corporation has total assets of $10 million or more

Question 3

Schedule M-1 of IRS Form 1120

Answer 3

is required to be filed when a corporation has BOTH total assets and total receipts of $250,000 or more