The Evolving Schedule M–3: A New Era of Corporate Show and Tell?

Charles E. Boynton · Lillian F. Mills

34 citations0/0 files storedNational Tax Journal

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Corporate Taxation and Avoidance Economic and Fiscal Studies Taxation and Legal Issues

Abstract

This paper supplements the arguments for replacing Schedule M-1 and outlines the main features of the proposed Schedule M-3. We examine the magnitude of reported book-tax differences and provide evidence of consolidation issues affecting Schedules M-1, L, and Form 1120. Features of the new Schedule M-3 are designed to standardize reporting across firms and distinguish permanent from temporary book-tax differences. Overall, comments received by IRS and Treasury from private industry generally support the proposed changes, with some concerns regarding scope, the size threshold, the need to determine book income on a transaction basis, and effective date.

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References

2006Tax shelters and corporate debt policy 2003Corporate Tax-Planning Effectiveness: The Role of Compensation-Based Incentives 2003What Can We Infer about a Firm's Taxable Income from Its Financial Statements?2003An evaluation of alternative measures of corporate tax rates 2004Lost in Translation: Detecting Tax Shelter Activity in Financial Statements 2002Trends in Book-Tax Income and Balance Sheet Differences 2004Corporate Tax Avoidance and the Properties of Corporate Earnings 2003Bridging the Reporting Gap: A Proposal for More Informative Reconciling of Book and Tax Income

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2019How do IRS Resources Affect the Corporate Audit Process?2016TRENDS IN THE SOURCES OF PERMANENT AND TEMPORARY BOOK-TAX DIFFERENCES DURING THE SCHEDULE M-3 ERA

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