The IRS is seeking comments on several revisions to the federal form 1120-F, U.S. Income Tax Return of a Foreign Corporation. Included in the revisions is a new schedule M-3 which is required filing for taxpayers with $10 million or more in total reportable assets. Schedule M-1 (Reconciliation of Income (Loss) per Books with Income per Return) is applicable for assets reporting under $10 million in assets and Schedule M-2 (Analysis of Unappropriated Retained Earnings per Books) is filed by all corporations.
Comments on the forms or instructions are due by May 25, 2007. You can email your comments to SchM3@irs.gov.
