In general, a corporation is not required to file Schedule M$-1($Reconciliation of Income $($Loss$)$ per Books with Income per Return$)$ along with their Form $1120$ if: total assets and total receipts are less than $$250,000.$ total liabilities are less than $$250,000.$ net income per books is less than $$25,000.$ taxable income is less than $$25,000.$