1120-US: Automatic calculations for Schedule M-3 and Form 8916-A (FAQ)

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Question

Does UltraTax CS perform any automatic calculations for Schedule M-3 and Form 8916-A?

Answer

Yes, UltraTax CS performs some automatic calculations of income statement and tax amounts, as well as temporary and permanent differences. However, due to the complexity of Schedule M-3, it is important for the return to be reviewed and changes made accordingly. In the M3 screens and Screen 8916A, an asterisk (*) denotes which fields have default calculations. To override the calculations, enter an amount, including zero, in the appropriate field.

UltraTax CS automatically transfers book and tax amounts and calculates the necessary temporary or permanent difference for the following items on Schedule M-3:

UltraTax CS also automatically transfers book and tax amounts and calculates the necessary temporary or permanent difference for the following items on Form 8916-A.

If the taxable income calculated on the Reconciliation totals line in Part II, column (a) does not equal the taxable income of the corporation, UltraTax/1120 generates a critical diagnostic message for the return.

Related topic: 1120-US: Schedule M-3 FAQs

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