If the corporation’s total receipts for the tax year AND total assets at the end of the tax year less than $250,000, Schedules L, M-1, and M-2 are not required.
Note: Even if the balance sheet (Schedule L) is not required for federal purposes, the information will transfer to those state returns that do require the information.
You may have noticed your Schedules L, M-1, and M-2 were printing blank even though amounts have been entered into the TaxAct® program. This will usually occur when the Schedule L is not a required form to be submitted with the return. To force the printing of the Schedule L and display the numbers entered, check the box under Line 13 of the Schedule K.