Partnership Return Form 1065

[Terry D EA]

Wondering how many of you complete the balance sheet, Sch M-1 and M-2 when the gross receipts is under the 250K threshold. Maybe it is a bit anal but I for one put information on the return. If I have to complete the financials then why not put the information on the return even if it isn't required.

[rfassett]

I always fill out the balance sheet, M-1 and M-2.  OK - not exactly always.  I have one - very, very small (revenue wise) partnership to which I do not prepare the aforementioned schedules.  But it is just that one.

[Randall]

36 minutes ago, rfassett said:

I always fill out the balance sheet, M-1 and M-2.  OK - not exactly always.  I have one - very, very small (revenue wise) partnership to which I do not prepare the aforementioned schedules.  But it is just that one.

I do the same.

[mcb39]

I also fill it out except for very, very small partnerships that I did not set up.

[Lion EA]

I fill it out so when it sells, it'll be in my program.  And, so I don't get nagged by a future preparer.

[jasdlm]

I complete it.

[Catherine]

I always fill them out -- if nothing else, I assure myself that there is nothing egregious I have missed by seeing it all tie out nicely.

[ILLMAS]

9 out of 10 I do, the 10th usually have books that can be used to clean something "insert word"

[Terry D EA]

I'm not using ATX but am wondering where ATX input is for the Schedule M-2 Partner's beginning capital account. I am waiting for a return phone call from OneDesk support as I can't seem to find where this input is. The cell won't let me override or even put anything in there. Just wondering.

[Margaret CPA in OH]

Input Tab for Sch K-1 has the analysis of partner's capital account. It won't show unless you choose to have the balance sheet printed, though.

[Terry D EA]

OneDesk (OltPro) has the same partner basis analysis on the K-1 form. I have everything in this program set to allow the balance sheet. I have been out of the office today and have clients tomorrow so when I get time, I'll call support again to get this checked out.

[schirallicpa]

Always.  I charge more to do a partnership or corp return, and I make sure the return reconciles!

 

[Roberts]

I never enter the information unless it is required for multiple reasons:

1. Do you charge clients to enter information that the IRS isn't interested in receiving? Do you inform the client you are doing so?

2. Why give the IRS information they don't want? If it's wrong, you've produced a problem which could have easily been avoided.

3. Having dealt with auditors and regulators - I NEVER give information unless I'm told or specifically asked. It will usually come back to bite me later.

 

[rfassett]

11 minutes ago, Roberts said:

I never enter the information unless it is required for multiple reasons:

1. Do you charge clients to enter information that the IRS isn't interested in receiving? Do you inform the client you are doing so?

2. Why give the IRS information they don't want? If it's wrong, you've produced a problem which could have easily been avoided.

3. Having dealt with auditors and regulators - I NEVER give information unless I'm told or specifically asked. It will usually come back to bite me later.

 

While I do not necessarily disagree with your points, I would point out that the tax return is not always just for the IRS.  Banks like to see completed returns. Vendors like to see completed returns.  Even the clients like to see completed returns.  Just sayin'!

[Catherine]

34 minutes ago, rfassett said:

While I do not necessarily disagree with your points, I would point out that the tax return is not always just for the IRS.  Banks like to see completed returns. Vendors like to see completed returns.  Even the clients like to see completed returns.  Just sayin'!

Plus my software (Drake) tells me that when the M-1 and M-2 and L are not required, they are NOT transmitted to the IRS even when I force them to print.

[kcjenkins]

I sometimes did, sometimes not, basically when I had all the info already I usually input it, like Catherine, just for neatness, I guess I'd say.  But if it would take significant extra time and digging out info, I did not, because I felt it was not fair to charge the clients for time to do something not required.