Schedule M-3 tax code assignment

Alerts and notices

Important reminder!

Product support for Engagement CS is ending on September 30, 2020. See Engagement CS license expiration 2020 - frequently asked questions for more information.

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS permanently expired on March 1, 2017.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of Creative Solutions Accounting.

For Write-Up CS or Trial Balance CS clients who are Schedule M-3 filers, the Schedule M-3 codes recorded in the Chart of Accounts > Edit Schedule M-3 Tax Codes cause the (adjusted) book amount to flow to Column A of Schedule M-3 regardless which basis is selected when importing amounts into UltraTax CS or GoSystem Audit.

Note: The Schedule M-3 tax codes are distinct from the regular tax code.

For Trial Balance CS clients only

  • Further Schedule M-3 code mapping is provided when Tax Adjustment type adjusting journal entries are entered and posted.
  • The Tax Adjustment transactions can be flagged as either permanent (default selection even if the adjustment does not affect a GL account coded with an M-3 tax code) or temporary.
    • Tax Adjustment AJEs flagged as temporary are mapped to Schedule M-3, Column B.
    • Tax Adjustment AJEs flagged as permanent are mapped to Schedule M-3, Column C.
  • The Schedule M-3 tax code can be displayed in the Trial Balance grid by making that column selection in the View Maintenance dialog.
  • The Schedule M-3 tax code information can be displayed in the Chart of Accounts window by marking the Include M-3 code in account list checkbox on the Columns tab of the Chart of Accounts Options dialog.

Related topics

Chart of Accounts [Setup menu]

Chart of Accounts > Options

Chart of Accounts > Edit Schedule M-3 Tax Codes

Adjusting Journal Entries [Tasks menu]

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