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.
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