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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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1120-S schedule B question # XXXXX When is this Yes and When is

Resolved Question:

1120-S schedule B question # XXXXX When is this Yes and When is it No? If No then we think a balance sheet is required. Income receipts is over $250,000 but Assets is under $40,000. What is the answer for # XXXXX please?
Submitted: 6 years ago.
Category: Tax
Expert:  RD replied 6 years ago.

RD :

If the gross income is over $250K than you will state yes on Sch B Q.8. IF this is the case than you are required to complete Sch L and M

Customer:

What importance is the "And Assets" in the question for #8

Customer:

What importance is the "And Assets" in the Sch B Q.8

RD :

It is to ensure that an entity with less than $250K in gross receipts but atleast $250K in assets also files Sch L and Sch M.

RD :

IRS wants to track balance sheet of entities with either greater than $250K in receipts or $250K in assets.

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