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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3179
Experience:  IRS licensed Enrolled Agent and tax instructor
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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,
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

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

How is the LLC structured? Scorp or Corporation?

Customer: replied 1 year ago.
It's a corporation
Expert:  emc011075 replied 1 year 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 1 year 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 1 year ago.

Any questions?

Expert:  emc011075 replied 1 year 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 1 year ago.
Thank you