The Schedule M-3 Compliance Maze: Unanswered Questions
18 Pages Posted: 25 Nov 2013
Date Written: March 19, 2007
The depth of information required by Schedule M-3 may not have been produced in proper form by the taxpayer before introduction of the form, and some transition difficulties will arise simply with respect to delivering the needed data. Once taxpayers, their advisers, and the tax software industry iron out those difficulties, the IRS will be in a position to conduct examinations more efficiently and completely than ever before. Tax planning strategies and their results will be more transparent to the IRS. It remains to be seen what the IRS will do with all that information, and how Schedule M-3 by itself will change the U.S. tax system in coming years.
Keywords: book-tax differences, schedule M-3
JEL Classification: E62, H25
Suggested Citation: Suggested Citation