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Archive of Schedule M-3 News

 

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Previous editions of Schedule M-3 News:

2007-03 - Distributed on 08-03-2007

  • Draft Forms 1120 and 1065 and New Schedules Required of Schedule M-3 Filers

Draft Forms 1120 and 1065 and new Schedule B (for the 1120) and Schedule C (for the 1065) have been released for tax years ending on or after December 31, 2008. The new schedules will be required of those filing Schedule M-3. The changes are designed to increase the transparency of the relationships between entities that make up complex business enterprises. Comments may be submitted through September 14, 2007.

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  1. IRS Press Release 2007-138 provides an explanation of the changes, and links to the draft forms.

 


2007-02 - Distributed on 05-02-2007

  • IRS Releases Draft Schedule M-3 (1120-F) for Public Comment

The Internal Revenue Service has released for public comment a draft version of Schedule M-3 (1120-F), new for tax years ending on or after December 31, 2007 for taxpayers with reportable assets of $10 million or more. Public comments should be sent by May 25, 2007 to SchM3@irs.gov.

  1. Draft 2007 Schedule M-3 (1120-F), net Income(Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More
  2. IRS New Release 2007-94 dated May 1, 2007, IRS Draft Form 1120-F and New Schedule M-3 (1120-F) Now Available for Public Comment

 


2007-01 - Distributed on 01-12-2007

  • IRS to Revise Form 1120-F and Develop Schedule M-3 (1120-F)

    The Internal Revenue Service is revising Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, for tax year 2007, and developing a new Schedule M-3 (1120-F). Drafts of the forms are expected to be released in March, 2007, and open for public comment.

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2006-08 - Distributed on 10-11-2006

  • Published Articles on Schedule M-3

    Two comprehensive articles on Schedule M-3, authored by IRS and Treasury representatives, have recently been published. We have posted them to the Schedule M-3 page on IRS.gov, with permission of and attribution to the publishers. The articles are:

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2006-07 - Distributed on 08-04-2006

  • New FAQ - Reporting Expense Deductions that are Reduced by Certain Tax Credits

A new FAQ (Q-080) explains how to report in Part III, line 35, the amount that deductions have been reduced to certain tax credits claimed.

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2006-06 - Distributed on 07-20-2006

  • Final Draft 2006 Schedules M-3 Released

Final drafts of Schedules M-3 and Form 8916 for the 2006 tax year, and a new Form 8916-A, "Reconciliation of Cost of Goods Sold Reported on Schedule M-3" are now available. The final draft Schedules M-3, dated 6/27/06, are for Forms 1120, 1120-L, 1120-PC, 1120S, and 1065. Draft instructions for the forms were also released.

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2006-05 - Distributed on 05-03-2006

  • Change to Draft Instructions for Form 8916

The "How To File" instruction reflected on page 2 of the 4/25/06 draft Form 8916 will be revised as follows:

"Attach Form 8916 to the consolidated Schedule M-3. Taxpayers must summarize the taxpayer tax return taxable income calculation workpapers on Form 8916 and retain those workpapers. The taxable income calculation workpapers need not be submitted with the Form 8916."

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2006-04 - Distributed on 04-28-2006

  • Draft Instructions for 2006 Schedules M-3 and Form 8916

Draft instructions for the 2006 Schedule M-3 for Forms 1120, 1120-L, 1120-PC, 1120S, and 1065 are now available. An updated draft Form 8916, "Reconciliation of Schedule M-3 Taxable Income with Tax Return Taxable Income for Mixed Groups" with instructions has also been released. The drafts, dated 4/25/06, and the press release announcing them may be accessed using the web link below. The press release contains information about how to submit comments by June 1, 2006.  

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2006-03 - Distributed on 04-05-2006

  • Draft Schedules M-3 and Form 8916 Released

The Internal Revenue Service has released updated drafts of Schedules M-3 for the 2006 tax year and a new Form 8916 that will be filed by certain insurance-related corporations to reconcile taxable income reported on their Schedules M-3 with taxable income reported on their tax returns.

The draft Schedules M-3, dated 4/4/06, are for Forms 1120, 1120-L, 1120-PC, 1120S and 1065. The drafts incorporate suggestions and recommendations offered in meetings with stakeholders since last December when the first drafts of the 2006 forms were released.  Draft instructions for the forms are expected to be issued in early May.

IRS is seeking comments regarding the draft Schedules M-3 and Form 8916.  Comments should be submitted by June 1, 2006.

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2006-02 - Distributed on 02-15-2006

 

  • Financial Accounting and Disclosure Guidance Related to Schedule M-3
    A new Section has bee added to the M-3 home page that provides summary information and links to formal guidance as follows:

    Revenue Procedure 2005-75 provides guidance on adequate disclosure on Schedule M-3 to avoid IRC 6662 penalties.

    Notice 2006-06 eliminates the "large book-tax differences" as a category of transactions, pursuant to the Tax Shelter Disclosure Regulation 1.6011-4(b)(6), requiring disclosure on Form 8886, "Reportable Transaction Disclosure Statement". This change is due to the transactions that would have previously been required to be reported on or after January 6, 2006.

    Prior to Notice 2006-06, Revenue Procedure 2004-45, provided that filing Schedule M-3 by certain taxpayers in accordance with the Rev. Proc. satisfied the Treasury Regulation 1.6011-4(b)(6) requirements to disclose transaction with significant book-tax difference.

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2006-01 - Distributed on 01-12-2006

 

 


2005-04 - Distributed on 12-20-2005

 

  • Release of Draft Schedule M-3 and Instructions for Form 1065
    IRS has released draft Schedule M-3 and instructions for Form 1065. A press release announcing the draft today also explains how interested parties may submit comments until February 21, 2006. The schedule is expected to be finalized in mid-2006 for use starting with tax years ending on or after December 31, 2006.

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2005-03 - Distributed on 12-13-2005

 

  • Release of Draft Schedules M-3 and instructions for Forms 1120-PC, 1120-L and 1120S
    IRS has released draft Schedules M-3 and instructions for Forms 1120-PC, 1120-L and 1120S. A press release announcing the drafts today also explains how interested parties may submit comments until February 10, 2006. The schedules are expected to be finalized in mid-2006 for use starting with tax years ending on or after December 31, 2006.

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2005-02 - Distributed on 09-20-2005

 

  • Schedule M-3 News
    Recently, we have posted a news release, IRS Defers Schedule M-3 Planned Effective Date for Insurance Corporations and new FAQs.

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2005-01 - Distributed on 08-26-2005

 

  • Schedule M-3 E-Mail Service
    Thank you for subscribing to the Schedule M-3 e-mail service. You will receive e-mail notification when there is new information or developments involving Schedule M-3.

    Recently, we have posted new FAQs to the Schedule M-3 internet site.
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Page Last Reviewed or Updated: 03-Feb-2014