FROM THE OFFICE OF PUBLIC AFFAIRS
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October 25, 2004
JS-2058
Treasury and IRS Issue Final Version of Tax Form for Corporate Tax Returns
Today, the Treasury Department and Internal Revenue Service released the final draft version of the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, for use by certain corporate taxpayers filing Form 1120, U.S. Corporation Income Tax Return.The original draft version of Schedule M-3 was released for public comment on January 28, 2004, and a revised draft version was released onJuly 7, 2004
Schedule M-3 is effective for any taxable year ending on or after December 31, 2004, and, in general, must be filed by a corporation required to file Form 1120, U.S. Corporation Income Tax Return, that reports on Form 1120 at the end of the corporation's taxable year total assets that equal or exceed $10 million. However, a corporation is only required to complete certain sections of Schedule M-3 in the first taxable year the corporation is required to file Schedule M-3.
This final draft version of Schedule M-3 was released in advance of the final Schedule M-3 instructions to provide affected taxpayers, tax software vendors, and other stakeholders immediate access to the form as they prepare to implement and comply with Schedule M-3. This final draft version reflects changes to the Schedule M-3 that the Treasury and IRS believe will greatly simplify completion of Schedule M-3. The Treasury and IRS do not anticipate any further changes to Schedule M-3 and expect that the final version of Schedule M-3 will be available and posted on www.irs.gov in early December, 2004.
The Schedule M-3 is attached and may be accessed on www.irs.gov. The final instructions for Schedule M-3 will be released as soon as possible and will also be available on www.irs.gov.
REPORTS