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Business & farm
A number of comments:
- Balance sheets are always the bane of taxpayers since the figures are more of less just input from the taxpayers books and records.
- Do you maintain your books and records using some type of software; Quickbooks, etc?
- There appears to be a significant drop in cash. Does this make sense?
- Were there distributions?
- Doesn't appear that $$ were spent paying down debt or purchasing additional assets
- I don't see anything reflected for capital contributions. Were there any?
- Are you satisfied with the additional paid-in capital figure?
- Keep in mind that your balance sheet will need to "roll" from the beginning of the year to the end of the year and this will need to be addressed in the Sch M-2 section.
- Are you satisfied with the end of the year (2022) figures you listed, except for the question marks?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎January 31, 2023
10:26 AM