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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 1120s, Schedule L
1120s, Schedule L
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usbarellc
Level 1
03-10-2021
01:27 PM
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Is it a must that Schedule L be prepared when filing Form 1120s?, I asked because client do not have a balance sheet or trial balance available, Likewise, is there a year end balance sheet or trial balance template available in proseries if I want to help with preparing these schedules to complete Schedule L?
Thanks look forward to the response.
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sjrcpa
Level 15
03-10-2021
01:51 PM
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This is a real good example of why a lot of small businesses should not be S Corps.
They have no idea how to keep corporate books and records.
Without a balance sheet and trial balance, how confident are you in the P&L numbers?
The "template" could be the Schedule L itself.
The Balance Sheet should be generated through the accounting system.
Read the 1120S instructions for the exception for when it is not required.
And let me guess-no payroll either?
The more I know, the more I don't know.
usbarellc
Level 1
03-10-2021
04:56 PM
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That assumption about payroll is correct. I will try to ask a few questions to see if I can generate a balance sheet and trial balance. If the Sch. L can work to get a some what schedule of statements I will do that or they will have to just pay me to keep their books.
