UltraTax CS
New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Question
Why isn't UltraTax CS automatically calculating Schedules M-1 and M-2 for C Corporations and Schedule M-1 for S Corporations?
Answer
UltraTax CS does not calculate Schedules M-1 and M-2 for C Corporations or Cooperative Associations and Schedule M-1 for S Corporations if total receipts for the tax year and the year-end total assets are less than $250,000. If you want these schedules to calculate when assets are less than $250,000, mark the Complete Schedule M-1 and C Corporation Schedule M-2 when receipts and assets are less than $250,000 checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab. Note that this option applies to all 1120, 1120-C, and 1120-S clients; however, the threshold for 1120-F, 1120-PC, and 1120-REIT filers is $25,000 instead of $250,000.
Notes
- Schedule M-1 is also not completed for C Corporations, Cooperative Associations, Foreign Corporations, Property and Casualty Insurance Companies, or S Corporations when total assets are $10 million or greater and Schedule M-3 is required in lieu of Schedule M-1.
- To set this option on a return-by-return basis for C Corporations, mark the Complete Schedules M-1 and M-2 when not required field in Screen Mc. This field is disabled if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is already marked.
- To set this option on a return-by-return basis for S Corporations, mark the Complete Schedule M-1 when not required field in Screen Ms. This field is disabled if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is already marked.
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