Draft a post-closing balance sheet for a December 31 audit-ready client file, mapping client-submitted trial balance adjustments to new tax-basis fixed-asset depreciation schedules and inserting calculated retained earnings roll-forward that reconciles book vs. tax net income adjustments per Schedule M-1 differences

Generate draft a post-closing balance sheet for a december 31 audit-ready client file, mapping client-submitted trial balance adjustments to new tax-basis fixed-asset depreciation schedules and inserting calculated retained earnings roll-forward that reconciles book vs. tax net income adjustments per schedule m-1 differences for Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry

Accounting, Tax Preparation, Bookkeeping, and Payroll Services

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Allowed: XLSX, XLS, CSV, PDF

Max size: 10MB

Upload the December 31 year-end trial balance from your accounting software (QuickBooks, Sage, Xero, etc.) containing all account balances before adjustments
Select the tax depreciation method required for this client's Schedule M-1 reconciliation based on asset classes and IRS regulations
Specify the client's business entity type as it determines tax-basis financial reporting requirements and Schedule M-1 adjustments
List material M-1 adjustments including timing differences, permanent differences, and tax-only items that require retained earnings reconciliation

Click to upload or drag and drop

Allowed: XLSX, XLS, CSV

Max size: 5MB

Upload supporting fixed asset schedule showing original cost, accumulated depreciation, current year additions/disposals, and estimated useful lives
Enter the January 1 retained earnings balance from prior year's tax-basis balance sheet to properly calculate equity roll-forward
Record cash distributions, dividends, or owner draws paid during the year that reduce retained earnings in the roll-forward calculation
Select the accounting method and presentation standard required for this audit-ready file
Specify the professional format required for post-closing balance sheet presentation to external auditors or IRS
Provide any additional context about the client's business operations, audit concerns, or specific partner/CPA requirements for this post-closing balance sheet