The balance sheet filed with my 2020 From 1065 was the first tax return for a newly formed LLC. Unfortunately, the balance sheet did not reflect pending trades that had not settled as of the end of the year. As a result, the balance sheet did not include acquired positions that had not yet settled and included stock for unsettled sales. Since the balance sheet is inconsistent with the tax treatment, it will throw everything out of balance for the next year.
Do I need to go back and amend the prior year? Is the amendment press difficult?
You'll need to sign in or create an account to connect with an expert.
I will page @Rick19744 but, fair warning, balance sheet issues are difficult to diagnose with this format (i.e., a message board).
Also, are you certain that you are required to maintain a balance sheet?
Yes, I have to generate a balance sheet.
A few comments:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
miyabi13
New Member
dhannum
New Member
obeteta
New Member
megan0956
Returning Member
beanorama
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.