Suppressing the 1120 Balance Sheet in ProConnect Tax

The program will automatically generate the Balance Sheet on the 1120 when the Total Receipts and Total Assets are more than $250,000. Per the 1120 Instructions,

"Corporations with total receipts (line 1a plus lines 4 through 10 on page 1) and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2 if the "Yes" the corporation is not required to complete Schedules L, M-1, and M-2…"

To suppress the 1120 Balance Sheet:

1. Go to Input Return ⮕ General ⮕ Miscellaneous Information.
2. Go to the Miscellaneous tab.
3. Scroll down to the Other Information (Schedule K) section.
4. Enter a 1 in Corporation's total receipts and total assets at the end of the year are less than $250,000: 1 = yes, 2 = No [Override].

If the 1 is entered, the Balance Sheet, Reconciliation of Book Income to Income per Return, and the Analysis of Unappropriated Retained Earnings won't print unless forced with an entry in the Balance sheet, M-1, M-2: 1=force, 2=when applicable [Override] field.

If the Balance Sheet is still generating:

1. Go to Input Return ⮕ Balance Sheet ⮕ Balance Sheet Miscellaneous.
2. Locate the Other subsection.
3. Delete the entry in Balance sheet, M-1, M-2: 1= force, 2= when applicable [Override].