The Internal Revenue Service, in partnership with stakeholder groups, has set up a new Web-based list of frequently asked questions aimed at helping corporate taxpayers understand the requirements of the new Schedule M-3.
The IRS estimates that approximately 50,000 large and midsized corporations are now required to use the new schedule, "Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More," which is filed by affected corporations to reconcile financial accounting income to taxable income.
"Schedule M-3 is a very significant change for taxpayers and the IRS," said Deborah M. Nolan, commissioner of the IRS Large and Midsize Business Division. "It will provide important tax accounting information at the time of filing that previously required extensive time to develop during a tax examination."
Among those stakeholder groups working with the IRS to provide the Schedule M-3 FAQ service are the American Institute of CPAs, the American Bar Association and the Tax Executives Institute.
The groups will help the agency to provide answers to questions about the Schedule M-3 that aren't covered in published material. Taxpayers use special e-mail addresses to submit questions to the stakeholder groups, which will perfect the questions, eliminate duplications and forward them to the IRS.
The new schedule instructions, the e-mail addresses for submitting questions, and the list of frequently asked questions, which is updated weekly, can be accessed at www.irs.gov/businesses/corporations/article/0,,id=119992,00.html.
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