ILLMAS Posted October 11, 2010 Report Share Posted October 11, 2010 For the first time, I am not going to fill out Sch L (balance sheet) on a 1120, client only brought in income and expenses plus they are under 250K in assets. I always make sure the BS ties to my accounting record, but for once the hell with it. Quote Link to comment Share on other sites More sharing options...
rfassett Posted October 11, 2010 Report Share Posted October 11, 2010 That is dangerous thinking, partner. If it is a calendar year corp, it is delinquent anyway, so make the client give you the info. I always look at the threshholds as a benefit to the IRS - not to me. They (the IRS) are going to expect it to be tied out on audit - or the auditor will tie it out himself, and you know where that can go. Anyway, those are just my thoughts. I have had clients do the same thing you describe. But by the time I get finished with them, the following year they are asking ME what I need to be able to tie it out. Quote Link to comment Share on other sites More sharing options...
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