TTB pg 19-17 (S-Corp) Sch L & Balance sheet

[AZ-Tax]

It states that the Sch L and Balance sheet are not required if total assets and total receipt are less than $250K yet I see new S-Corp clients come in with returns for which their preparer completed these forms with total receipts plus total assets being way under $250K. Why is that? Do I need to continue the completing of these 2 forms into 2008 even thou the S-Corp has less then $250K combo total receipts plus total assets?

Am I reading this page correctly, is it total receipts plus total assets or each individually need to be under $250k?

[BOB W]

It states that the Sch L and Balance sheet are not required if total assets and total receipt are less than $250K yet I see new S-Corp clients come in with returns for which their preparer completed these forms with total receipts plus total assets being way under $250K. Why is that? Do I need to continue the completing of these 2 forms into 2008 even thou the S-Corp has less then $250K combo total receipts plus total assets?

Am I reading this page correctly, is it total receipts plus total assets or each individually need to be under $250k?

I always complete everything as I need to track basis and other issues on a business entity.

[S T]

Partnerships and S Corps

Likewise, I always complete as well. It does assist in tracking from one year to the next! I believe more to assist us as tax preparers/accountants in record keeping and basis, etc.

Sandy

[Donanita]

State

When I do the Louisiana State Corp return I have to complete the balance sheet info. so it makes it easier to do the Fed and it flows over to the state return

[David1980]

It also is a great tool to make sure everything adds up right and that you're not missing important information that you need to properly preparer the tax return.

[Uncle Sam]

Balance Sheet on S Corp returns

I ALWAYS enter balance sheet information - whether it's required or not.

That way, in case any client goes somewhere else, I DON'T have to be bothered with being asked to provide additional financial information.
And as has been previously mentioned, it provides a way to determine (or at least provide guidance) for basis information, and a way to see that everything reconciles.

[JG EA]

I will sometimes print out the completed page and put it in the client's file for reference and then efile a blank one since that is all that is required. (To clarify: I give them the copy as it was filed, then with the worksheets put the filled-in Sch L etc with a notation that it is for their informaiton.)