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When UltraTax CS calculates Schedule M-1 and M-2 automatically
Whether UltraTax CS calculates Schedules M-1 and M-2 automatically depends on total receipts for the tax year and year-end total assets.
For some schedules, the threshold for automatic calculation is $250,000. For others, the schedule is $25,000. However, you can force UltraTax CS to calculate schedules under the threshold.
note
UltraTax CS doesn't complete Schedule M-1 when total assets are $10 million or greater for the following:
- C Corporations
- Cooperative associations
- Foreign corporations
- Property and casualty insurance companies
- S Corporations
Type of corporation | Threshold |
|---|---|
1120 | receipts more than $250,000 |
1120-C | receipts more than $250,000 |
Cooperative Associations | receipts more than $250,000 |
1120-S | receipts more than $250,000 |
1120-F | receipts more than $25,000 |
1120-PC | receipts more than $25,000 |
1120-REIT | receipts more than $25,000 |
If you're an S Corporation and have accumulated E and P, you have to maintain the accumulated adjustments account (AAA). This determines the tax effect of distributions you made.
If you don't have accumulated E and P, you don't have to main the AAA. However, the IRS recommends you do so. If you don't have to maintain the AAA, but don't want to print S Corporation Schedule M-2, go to the
Ms
screen and select the Suppress printing of Schedule M-2 field
in the Balance Sheet
folder.This article applies to:
- Product: UltraTax CS
- Return type: 1120 Corporation
- Subject: balance-sheet-m1-m3