OK I am pretty sure TurboTax S Corp asks me about that balance (at the beg and end of year), Yes, accountant-in-a-box would ask for that. But that is because part of the tax return is a balance sheet for the corp. That shows what the corp owns and what is owes to others at a point in time. (In the case of a tax return, two points in time: the beginning and end of the year.)If the gross receipts or total assets are under some figure, you are not required to complete the balance sheet. (I don't recall the figure, because I always complete the balance sheet, even when it's not required.)I assume accountant-in-a-box will strictly follow that instruction, so you probably don't have a balance sheet on your return.The basic purpose of showing a balance sheet is to help out the IRS audit your return. It can tell the auditor in a glance if the person preparing the return has any clues about bookkeeping. And with further analysis, it can show where potential additional income and/or expenses are hiding.I'm guessing AIAB also asked about any loans you had or other liabilities of the company. It probably also asks about assets - equipment, furniture, computers, things like that. Those all go on the balance sheet.--Peter
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra