S-Corporation Reconciliation Worksheet with Payroll Reconciliations
What tax preparer out there doesn't love a tax reconciliation? I know I do! I love them so much, I've built up a reconciliation packet for each type of tax return I regularly work on.
I like to know where every number on a return is coming from, and I'm not always able to go back months or years after preparing to find the number I'm looking for without some trail markers. I'm also not a super big fan of doing this directly on a draft copy of the tax return. If something changes, I have to start all over again.
This is what spreadsheets were made for!
Just a nice little place for some data to be aggregated. Workpaper references and notes or every number (or total). A place to go to find the answers I need. And, something to match the tax return to. Because the accounting workpapers can't capture all of the adjustments easily or well. And they're certainly not doing to reconcile basis for me.
What This S-Corporation Reconciliation Isn't
This reconciliation isn't a replacement for quality workpapers - documentation to support the numbers on the tax return (and in the reconciliation).
It's also not going to replace quality trial balance software that will allow you to adjust you group and regroup your client's accounts so they make sense for the tax return as well as make necessary adjustments (close those prior year distributions to retained earnings, adjust for depreciation, and move those small equipment purchases off the balance sheet and over to the P&L). Personally, I'm a fan of Tallyfor and use it in my practice.
What this S-corporation Reconciliation Is
This reconciliation will move you from those adjusted books to the tax return. It will give you a place to put in those workpaper references. Change them easily. Update the reconciliation with new numbers as the tax return moves through review (or revisions from extensions, or the client deciding to not make a retirement contribution, or any number of other things that could change).
This reconciliation will give you a place to look at what you expect to see on Schedules L, M-1, and M-2 before getting the data into the tax return where it can get messy fast.
This reconciliation will help you see Schedule K and K1s by shareholder. It will combine that information with basis calculations so you can review it all from one easily accessible place.
This reconciliation will also build summaries for you to deliver to your client and use to discuss their tax return.
And as an added bonus, this workbook also contains two payroll reconciliation worksheets.
There's a whole bunch in here that can save you time and heartache, especially after preparation - a few months or even years down the line when you need to remember a decision you made or why a number is what it is.
5 Reconciliation Workbook Tab Details
Review & Reconcile to the Tax Return
You've got a bunch of numbers input all over the place. But, those numbers are also in the tax return. Why do all this extra and additional work!? Isn't it duplicating effort?
Sometimes, it is. I've found having those numbers I can work with and see where the totals are coming from also easily jump to the workpapers referenced to be incredibly helpful.
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I understand this product is not designed or intended to teach me about taxes or how to prepare a tax return, but is a tool that may help me during the preparation of an S-corporation income tax return.
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