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proenginesllc
New Member

Do I need a balance sheet for a North Carolina 1065 LLC Partnership Return with under $250,000 income for 2016 taxes?

It says North Carolina requires it but says nothing about a North Carolina Partnership requiring it.
1 Reply
CherylW
Level 3

Do I need a balance sheet for a North Carolina 1065 LLC Partnership Return with under $250,000 income for 2016 taxes?

All of the following have to be true:

You can skip the Balance Sheet section if:

  • Total business income (before deductions) is under $250,000; and
  • Your business is not filing an Alabama, Connecticut (non-partnership), District of Columbia, Georgia, Kentucky, Louisiana, Massachusetts, Mississippi, New Jersey (non-partnership), New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, or Tennessee return; and
  • Corporation year-end assets are under $250,000 or partnership/LLC year-end assets are under $1,000,000.
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