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Are there any consequences to not including schedule L & M-1 in the tax return?

1120S Schedule L & M-1 According to schedule B, if a company has less than 250k in gross receipts and is worth less than 250K, schedule L & M-1 are not required to be included. I am told that if I get audited in the future by the IRS, they can ask for schedule L (balance sheet) even though it is not needed on the tax return. Are there any consequences to not including schedule L & M-1 in the tax return? Will it open me up to personal liability if a lawsuit were to happen if I do not include the balance sheet on the tax return?
Date: Wed-Mar-9-2016-
Response
0
Schedule L
Yes, the IRS created this rule to help lessen the compliance burden on small-business taxpayers. If you get audited, they can ask for anything they want, including the balance sheet. Generally, the IRS has a statute of limitations of 3 years, so at least keep a copy on file for the past three years(or as long as your company has been in business, if shorter). You should have one prepared/on file as part of your business's financials every year anyway, just a good practice. 

As far as personal liability - I'm not 100% sure, but I really can't imagine that you would be held liable for not reporting a balance sheet, especially if you weren't mandated to report it on your returns to begin with. 
[d] By: thebes
Date: Wed-Mar-9-2016
Response
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Helpfulbox Now Offers Free POS Software

for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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