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The Evolving Schedule M–3: A New Era of Corporate Show and Tell?

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  • Boynton, Charles
  • Mills, Lillian

Abstract

This paper supplements the arguments for replacing Schedule M–1 and outlines the main features of the proposed Schedule M–3. We examine the magnitude of reported book–tax differences and provide evidence of consolidation issues affecting Schedules M–1, L, and Form 1120. Features of the new Schedule M–3 are designed to standardize reporting across firms and distinguish permanent from temporary book–tax differences. Overall, comments received by IRS and Treasury from private industry generally support the proposed changes, with some concerns regarding scope, the size threshold, the need to determine book income on a transaction basis, and effective date.

Suggested Citation

  • Boynton, Charles & Mills, Lillian, 2004. "The Evolving Schedule M–3: A New Era of Corporate Show and Tell?," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(3), pages 757-772, September.
    • Handle: RePEc:ntj:journl:v:57:y:2004:i:3:p:757-72
    DOI: 10.17310/ntj.2004.3.14
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    Cited by:

    1. Graham, John R. & Tucker, Alan L., 2006. "Tax shelters and corporate debt policy," Journal of Financial Economics, Elsevier, vol. 81(3), pages 563-594, September.
    2. Michelle Hanlon & Terry Shevlin, 2005. "Book-Tax Conformity for Corporate Income: An Introduction to the Issues," NBER Chapters, in: Tax Policy and the Economy, Volume 19, pages 101-134, National Bureau of Economic Research, Inc.
    3. Michelle Hanlon & Terry Shevlin, 2005. "Bank-Tax Conformity for Corporate Income: An Introduction to the Issues," NBER Working Papers 11067, National Bureau of Economic Research, Inc.
    4. McGill, Gary A. & Outslay, Edmund, 2004. "Lost in Translation: Detecting Tax Shelter Activity in Financial Statements," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(3), pages 739-756, September.
    5. Hope, Ole-Kristian & Ma, Mark (Shuai) & Thomas, Wayne B., 2013. "Tax avoidance and geographic earnings disclosure," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 170-189.
    6. Epps, Kathryn K. & Catherine Cleaveland, M., 2009. "Insiders’ perspectives of the effects of recent regulation on corporate taxation," Research in Accounting Regulation, Elsevier, vol. 21(1), pages 34-47.
    7. Chan, K. Hung & Lin, Kenny Z. & Mo, Phyllis L.L., 2010. "Will a departure from tax-based accounting encourage tax noncompliance? Archival evidence from a transition economy," Journal of Accounting and Economics, Elsevier, vol. 50(1), pages 58-73, May.

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