Terry D EA Posted February 2, 2016 Report Share Posted February 2, 2016 Wondering how many of you complete the balance sheet, Sch M-1 and M-2 when the gross receipts is under the 250K threshold. Maybe it is a bit anal but I for one put information on the return. If I have to complete the financials then why not put the information on the return even if it isn't required. Quote Link to comment Share on other sites More sharing options...
rfassett Posted February 2, 2016 Report Share Posted February 2, 2016 I always fill out the balance sheet, M-1 and M-2. OK - not exactly always. I have one - very, very small (revenue wise) partnership to which I do not prepare the aforementioned schedules. But it is just that one. 1 Quote Link to comment Share on other sites More sharing options...
Randall Posted February 2, 2016 Report Share Posted February 2, 2016 36 minutes ago, rfassett said: I always fill out the balance sheet, M-1 and M-2. OK - not exactly always. I have one - very, very small (revenue wise) partnership to which I do not prepare the aforementioned schedules. But it is just that one. I do the same. 2 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 2, 2016 Report Share Posted February 2, 2016 I also fill it out except for very, very small partnerships that I did not set up. 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 2, 2016 Report Share Posted February 2, 2016 I fill it out so when it sells, it'll be in my program. And, so I don't get nagged by a future preparer. 2 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted February 2, 2016 Report Share Posted February 2, 2016 I complete it. 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 2, 2016 Report Share Posted February 2, 2016 I always fill them out -- if nothing else, I assure myself that there is nothing egregious I have missed by seeing it all tie out nicely. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 2, 2016 Report Share Posted February 2, 2016 9 out of 10 I do, the 10th usually have books that can be used to clean something "insert word" 6 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 3, 2016 Author Report Share Posted February 3, 2016 I'm not using ATX but am wondering where ATX input is for the Schedule M-2 Partner's beginning capital account. I am waiting for a return phone call from OneDesk support as I can't seem to find where this input is. The cell won't let me override or even put anything in there. Just wondering. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted February 3, 2016 Report Share Posted February 3, 2016 Input Tab for Sch K-1 has the analysis of partner's capital account. It won't show unless you choose to have the balance sheet printed, though. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 4, 2016 Author Report Share Posted February 4, 2016 OneDesk (OltPro) has the same partner basis analysis on the K-1 form. I have everything in this program set to allow the balance sheet. I have been out of the office today and have clients tomorrow so when I get time, I'll call support again to get this checked out. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 4, 2016 Report Share Posted February 4, 2016 Always. I charge more to do a partnership or corp return, and I make sure the return reconciles! 1 Quote Link to comment Share on other sites More sharing options...
Roberts Posted February 5, 2016 Report Share Posted February 5, 2016 I never enter the information unless it is required for multiple reasons: 1. Do you charge clients to enter information that the IRS isn't interested in receiving? Do you inform the client you are doing so? 2. Why give the IRS information they don't want? If it's wrong, you've produced a problem which could have easily been avoided. 3. Having dealt with auditors and regulators - I NEVER give information unless I'm told or specifically asked. It will usually come back to bite me later. 2 Quote Link to comment Share on other sites More sharing options...
rfassett Posted February 5, 2016 Report Share Posted February 5, 2016 11 minutes ago, Roberts said: I never enter the information unless it is required for multiple reasons: 1. Do you charge clients to enter information that the IRS isn't interested in receiving? Do you inform the client you are doing so? 2. Why give the IRS information they don't want? If it's wrong, you've produced a problem which could have easily been avoided. 3. Having dealt with auditors and regulators - I NEVER give information unless I'm told or specifically asked. It will usually come back to bite me later. While I do not necessarily disagree with your points, I would point out that the tax return is not always just for the IRS. Banks like to see completed returns. Vendors like to see completed returns. Even the clients like to see completed returns. Just sayin'! 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 5, 2016 Report Share Posted February 5, 2016 34 minutes ago, rfassett said: While I do not necessarily disagree with your points, I would point out that the tax return is not always just for the IRS. Banks like to see completed returns. Vendors like to see completed returns. Even the clients like to see completed returns. Just sayin'! Plus my software (Drake) tells me that when the M-1 and M-2 and L are not required, they are NOT transmitted to the IRS even when I force them to print. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 7, 2016 Report Share Posted February 7, 2016 I sometimes did, sometimes not, basically when I had all the info already I usually input it, like Catherine, just for neatness, I guess I'd say. But if it would take significant extra time and digging out info, I did not, because I felt it was not fair to charge the clients for time to do something not required. 1 Quote Link to comment Share on other sites More sharing options...
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