Calculating Schedule M-1 in lieu of Schedule M-3 (1120)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

To calculate Schedule M-1 in lieu of Schedule M-3 when total assets at the end of the year are less than $50 million, follow this procedure. If you do not follow the procedure, UltraTax CS calculates Schedule M-3 if assets at the end of the year equal or exceed $10 million.

  1. Choose Setup > 1120 Corporation.
  2. In the Federal tab, click the Other Return Options button.
  3. In the Return Presentation tab, mark the Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 million checkbox.
  4. Enter the applicable data in either Screen Mc or Screen Ms in the Balance Sheet folder to complete Schedule M-1.

Notes

  • This option applies to all corporations filing Form 1120, 1120-C, 1120-F or 1120S.
  • When this option is marked, Schedule B (Form 1120) and Form 8916-A will not print.
  • Schedule M-3, Page 1 will still print when this option is marked.
  • To set this option on a client-by-client basis, mark the Complete Schedule M-1 in lieu of Schedule M-3 field in Screen M3, M3F or M3S. These fields are not available to mark if the checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is marked.

Related topic: UltraTax/1120 procedures

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