Generally corporations with total receipts and total assets at the end of the tax year that are less than $250,000 are not required to complete Schedules L, M-1 and M-2. Since the IRS does not require the Schedule L, the form will not print unless the company assets and receipts are over $250,000. However, you can force the Keystone Tax Solutions Pro program to print the balance sheet for the Form 1120 and Form 1120-S.
1120 Corporation Returns – From the Main Menu of the Tax Return (Form 1120) select:
- Schedule K – Other Information
- Receipts and Assets at Year End Less Than 250,000?
- Change the answer to ‘YES’ – You will be prompted to enter the total cash distributions for the year.
- When you return to the Schedule K – Other Information Menu a new menu option appears asking do you want to Print Sch L – Print Sch M-1 – Print Sch M-2
- Change the option to ‘YES’ to print the Schedules
1102-S Corporation Returns – From the Main Menu of the Tax Return (Form 1120-S) select:
- Schedule B – Other Information
- Receipts and Assets at year end less than 250,000
- Change the answer to ‘YES’
- When you return to the Schedule B – Other Information Menu a new menu option appears asking do you want to Print Schedule L? and Print Schedule M-1?
- Change the option to ‘YES’ to print the Schedules