S-Corp: attaching balance sheet vs. completing Sch L

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604

    #1

    S-Corp: attaching balance sheet vs. completing Sch L

    Now that most tax software allows for attachments, I was told by one tax preparer that he just attached the balance sheet prepared in QB to the tax return vs completing Sch L. Anyone ever done that before?
  • Uncle Sam
    Senior Member
    • Jul 2006
    • 1462

    #2
    Attaching Balance Sheet to S Corp Return

    If the person does that, then why doesn't he/she attach the P & L to the tax return also - that way P.1 doesn't
    have to be completed either?

    Either you prepare a return properly - or don't prepare it at all.
    If the balance sheet is NOT required (you didn't state whether or not in your post) then a balance
    sheet should be kept in the workpapers regardless.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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    • TXEA
      Senior Member
      • Feb 2014
      • 329

      #3
      Does not take that long to fill in the balance sheet on the return. I have never understood why some preparers take shortcuts when preparing the return.

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