Jump to content
ATX Community

990 M-2 equivalent?


ILLMAS

Recommended Posts

Does anybody know if there is M-2 equivalent for a 990?  A fellow accountant friend of mine client had a financial audit for 2015 & 2016 after the 990 was prepared.  He is having trouble for 2017, if he keeps the beginning balance (from prior year tax return), then he cannot balance for 2017.  The problem is solved if he uses the audited financial statements balances as of 12/31/17 but then it will not match the tax return that was filed.  Can he just use the new beginning balance or is there another form to reconcile the balance?

 

Thanks

Link to comment
Share on other sites

If you are doing the full 990, then Part XI on page 12 is the reconciliation.  Line 8 or Line 9 would be the place to put changes to beginning balances that are necessary to reconcile the books, and then they would be explained in Schedule O.  I suspect that if the change is relatively minor, you could get away with changing the beginning balances but I would do it this way so there is a record that it did not reconcile and you are adjusting it, with an explanation if you have one. 

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...