TaxSlayer Pro Support cannot assist with reconciling the balance sheet on Schedule L in Forms 1065, 1120-S, and 1120. Only the entity's bookkeeper or accountant has the records and information that are needed to accurately complete the balance sheet and/or determine why it is out of balance.
In the partnership, S corp, and corporate returns in TaxSlayer Pro, only a few items flow directly from the return to the balance sheet:
- Current year and accumulated depreciation and amortization from the entries in the depreciation module. (Depreciation entered directly into Form 4562 does not carry to the balance sheet.)
- Beginning and ending inventory included in the cost of goods sold calculation on Form 1125-A.
- Current year gain or loss.
TaxSlayer Pro Support also cannot assist with reconciling Schedules M-1 and M-2 with book income, as only the company's bookkeeper or accountant has access to the books.
Reminder: Schedules L, M-1, and M-2 aren't required for an entity whose total receipts for the tax year and total assets at the end of the tax year are less than $250,000.
Additional Information:
Desktop: Balance Sheet Warning - Total Assets Do Not Equal Total Liabilities & Equity
Desktop: Form 1065 - Schedule L - Balance Sheets per Books
Desktop: Form 1120S - Schedule L- Balance Sheet per Books
Desktop: Form 1065 - Schedule M-2 – Analysis of Partners' Capital Accounts