When entering loan information do you take a note and separate it from what is due in 1 year and what's due in more than 1 year? Lines 17 & 20 or would the entire loan balance if it is due in more than one year be put all in line 20?
The balance sheet on the tax return is not GAAP so I put for long term the entire loan balance since the non-GAAP financial statements that I am working with do not break out short term loans and long term loans.
I do, but only because of occasional push back from lenders reviewing the balance sheet for current/long-term ratios. I had 'one' years ago where the lender insisted on an 'amended' return. I amended it for the lender; didn't file it with the IRS. And I only did it 'cuz it was a really good client 😉
