Corporate Balance Sheet

[dsi]

I will continue to look for the post that I read this from. It was someone who attended a CPE course put on by an IRS (retired?) agent.

[sea-tax]

I will continue to look for the post that I read this from. It was someone who attended a CPE course put on by an IRS (retired?) agent.

Dave I believe you heard it, just don't think it has any merit. If so most 1120, 1120s and 1065 audits would be triggered by lack of a balance sheet. I personally have not seen or heard this to be true.
If it is true then I would still be fine as my clients have nothing to hide and I did complete a balance sheet and the IRS can have it when requested.

[Snaggletooth]

Sea-Tax

Geez Sea-Tax, I thought you had died and gone to heaven, maybe.

Welcome back!

Snag

[sea-tax]

Geez Sea-Tax, I thought you had died and gone to heaven, maybe.

Welcome back!

Snag

No Snag I typically lurke and respond when I can. Just got a little tired of all the insults that people were throwing at eachother back in the day, you remember back when a certain two were banashed from the island.

[JohnH]

I was thinking that a return misisng a REQUIRED balance sheet might well be more likely to trigger an audit, but I can't see how it would matter when the balance sheet isn't required. Compliance is the key.

Given the $250K either/or threshholds, I can't imagine that statistically there would be much on the table for IRS to gain unless there were other obvious anomalies on the income & expense part return or maybe in the Q&A's.