Asked by anushia devi selvan on Jun 25, 2024
Verified
Corporations with total receipts and total assets less than $250,000 are not required to complete Schedule L or Schedule M-1.
Schedule L
Schedule L is a tax form used by certain businesses to report their balance sheet details to the IRS, including assets, liabilities, and equity.
Schedule M-1
A form used by corporations filing U.S. federal corporate income taxes to reconcile financial statement income with tax return income.
Total Receipts
The total amount of money received by a business during a specific period, including sales, income, donations, and other forms of revenue.
- Obtain insight into the specific tax forms and schedules pertinent to corporate taxation.
Verified Answer
PS
Priyanshu SinghJul 01, 2024
Final Answer :
True
Explanation :
Corporations with total receipts and total assets less than $250,000 are not required to complete Schedule L or Schedule M-1 as per the IRS guidelines.
Learning Objectives
- Obtain insight into the specific tax forms and schedules pertinent to corporate taxation.