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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Do we have to file a Schedule L if our receipts are under $250,000

Customer Question

do we have to file a Schedule L if our receipts are under $250,000 for a s corporation. Filing requirements per schedule L
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.
Re: S-CorporationsQuestion 10Does the corporation satisfy both of the following conditions?a)The corporation’s total receipts for the tax year were less than $250,000 .........ANDb) The corporation’s total assets at the end of the tax year were less than $250,000 ....If “Yes,” to BOTH the corporation is not required to complete Schedules L and M-1.I will say that it generally is a good idea to complete Schedule L even if it technically isn't required as it gives a permanent record of the the Company's assets, liabilities & equity, should the books & records not be available for some reason.Steve G.
Expert:  Stephen G. replied 1 year ago.
Let me know if you have any follow-up questions.Steve G.

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