If the corporation’s total receipts for the tax year AND total assets at the end of the tax year are 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:
Note. This will not print if any products are not paid. Please click the View/Pay your return fees link to initiate the task.