How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask emc011075 Your Own Question
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2319
Experience:  IRS licensed Enrolled Agent and tax instructor
62958156
Type Your Tax Question Here...
emc011075 is online now
A new question is answered every 9 seconds

Our CPA has completed our 2015 LLC. She said our Balance

Customer Question

Our CPA has completed our 2015 for an LLC. She said our Balance Sheet must match the IRS every year. What is she balancing between the previous year and 2015? I want to check it myself, but what is the formula. I thought maybe year end 2014 cash + year end 2015 income = Year end cash 2015. Is there something else I'm missing? Maybe partner distributions? Principal Mortgage Payments?
Thank You,
Janene
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.

Hi. My name is ***** ***** I will be happy to help you.

How is the LLC structured? Scorp or Corporation?

Customer: replied 6 months ago.
It's a corporation
Expert:  emc011075 replied 6 months ago.

It basically means that what was reported on 2014 as ending balance must be the same as beginning balance on 2015. If you are Scorp or corporation or partnership return you will be looking at schedule L.

Expert:  emc011075 replied 6 months ago.

It should be the last page of your 1120. You have 4 columns here. A and B of 2015 must match C and D of 2014.

Expert:  emc011075 replied 6 months ago.

Any questions?

Expert:  emc011075 replied 6 months ago.

Janene, I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Customer: replied 6 months ago.
Thank you

Related Tax Questions