1065s
How do you reconcile book income to taxable income on Form 1065?
Use Schedule M-1
What is a company's most liquid asset?
Cash
What is the main file for an entity in GFR?
A file
When do you roll capital?
first
How quickly should you respond to managers?
less than an hour
Which form must a partnership file to request an extension?
7004
Revenues have a normal what balance?
Credit
Where do you find PBC docs?
Clientflow
The owner's investment in the business is known as what?
Capital
If you need help, where do you look first
Look in PY
How is a non-recourse liability difference than a recourse liability?
No partner is personally liable. Generally allocated based on profit-sharing ratios unless special allocations are made.
When you pay cash for an expense, what would you do to the cash account to change the balance?
Credit it
You should only work on returns that have been routed to you under what step?
Preparation
What should capital equal?
CY Equity
What does Lana know?
Everything
How are nonrecourse liabilities allocated on the partnership return?
Generally in accordance with each partner’s share of profits unless otherwise stated in the agreement.
What financial statement shows summary of the income statement and balance sheet?
Trial Balance
What should the document type be when indexing PBC documents in GFR?
Workpapers
If Capital doesn’t roll, what accounts where should you look first?
equity accounts
Payments made in advance for expenses not yet incurred are called?
Prepaid expenses
What does the M-3 schedule require that M-1 does not?
Schedule M-3 provides more detailed reconciliation between book and tax income, including income/loss items by source (e.g., related parties, foreign entities).
Answer: Required for partnerships with assets ≥ $10 million.
What financial statement shows a company’s position at a specific point in time?
Balance sheets
In what order do you do work that has been routed to you?
FIFO
How do you roll capital? (the equation)
(sum of equty accounts)- PYTR Page 6 Line 21D -contributions+ distributions
What does form 8825 on the tax return show?
Rental Real Estate income and expenses