The Internal Revenue Service has issued final instructions for Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More.
The IRS had released a draft version of the form, which is to be used by certain corporate taxpayers, for public comment earlier this year, as part of efforts to increase the transparency of corporate tax return filings.
The new form will help identify taxpayers that may have engaged in aggressive transactions and should therefore be audited, according to Greg Jenner, acting Treasury assistant secretary of tax policy .
Schedule M-3 is effective for any taxable year ending on or after Dec. 31, 2004. Generally, Schedule M-3 must be filed by large and midsized business taxpayers -- corporations with total assets that of $10 million or more. However, a corporation is only required to complete certain sections of Schedule M-3 in the first taxable year that it is required to file the schedule.
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