No, you are not required to fill out Schedules L or M-1 if you meet the eligibility requirements. So if the total of total receipts (sales) for the tax year were less than $250,000 and the corporation’s total assets at the end of the tax year were less than $250,000, you will have no filing requirement related to Schedules L or M-1
There is no M-2 filing requirement for an 1120S if your S-Corporation was never a C-Corporation. (Related to tracking undistributed earnings of an S corporation that have been taxed to shareholders previously.)
Also there would only be an M-3 requirement for an S Corporation that reports on Schedule L of Form 1120S total assets at the end of the corporation’s tax year that exceed $10 million, then Schedule M-3 must be completed.
