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 and M-1 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.
If Schedules L and M-1 are not required but you would still like to print these schedules, please follow the instructions below:
Using Forms Method:
Using Q&A Method: