Schedule M-3 OK for Now

Submitted by rkoreto on Thu, 01/05/2012 - 09:40

The IRS has posted information on Schedule M-3, Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More. This schedule is used in conjunction with Form 1120-F, U.S. Income Tax Return of a Foreign Corporation.

Notes the IRS: "Subject always to a possible need to reflect changes in law, there are no other planned changes to Schedule M-3 forms for tax year 2012." The IRS also says that  while no changes have yet been identified for the tax year 2013 Schedule M-3 forms, an IRS M-3 Study Group has been charged with seeking to reduce any duplicate reporting between Schedule UTP and Schedule M-3. "The M-3 Working Group has obtained input from external and internal stakeholders and is currently reviewing and considering that information in conjunction with findings from the first year of Schedule UTP implementation."

 
For those needing more details, the IRS has posted an extensive M-3 FAQ. M-3 forms and instructions are available on the IRS website.

 

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