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I am one of three owners in an Llc. It is my understanding…

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I am one of three...
I am one of three owners in an Llc. It is my understanding that we file business taxes on a 1065 to come up with the K1's for each owner based on the percentage they own. A very popular tax service kept telling me today that there is no way to do this?! We suffered HUGE losses due to the hurricanes this year so there must be a way to show that! I know it's not advisable to try to do it online ourselves, but when I asked exactly what was needed...I was told "just bring everything" anyone know what is needed?
Submitted: 3 months ago.Category: Tax
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Answered in 14 minutes by:
3/21/2018
Tax Professional: emc011075, Tax adviser replied 3 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,864
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

No accountant will tell you what is needed until he sees your balance sheet and profit and loss statement. There's no standard checklist for every business. Here's a list of common items you will need:

- Year end bank statement (from all your business accounts, including credit cards)

- year end loan statements (for all your business loans)

- payroll, sales tax, insurance records

- any estimated payments you made with date you made it

- partnership agreement

- depreciation records (very important if you filed as partnership before). If not, proof of any major purchases (capital purchases)

- prior year partnership tax returns (for the last 2 - 3 years, if possible)

- if you use an accounting software like quickbooks, ask your accountant if he can use it (most accountants have quickbooks)

Based on your balance sheet and profit and loss statement the accountant may request more documents or ask to clarify some of the entries.

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Customer reply replied 3 months ago
We've only been an Llc since July 2017. The hurricane happened in September and things were so insane throughout the end of the year we didn't have computers to do quick books.( 5' of water in our office and warehouse) so I'm guessing I need to first find a cpa? Then take what they give me to the tax service?
Tax Professional: emc011075, Tax adviser replied 3 months ago

Your CPA should be able to do your tax return.

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Tax Professional: emc011075, Tax adviser replied 3 months ago

Any questions? Is there anything else I can help you with today?

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